Intel 12% lower ⇔ AMD 5.8% higher, PCE price index = overall +2.6%, core +2.9%
In the US market on January 26, while the NY Dow rose 0.1%, the NASDAQ index fell 0.3%.
Intel, which announced financial results the day before, fell 11.9%. However. Intel's sharp depreciation did not affect other semiconductor-related stocks. AMD is up 5.8% and TSMC is up 0.6%. NVDA was slightly lower by 0.9 percent.
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The Ministry of Commerce announced the personal consumption expenditure (PCE) price index on the 26th. It is a price index that is regarded as important. The growth rate of the Composite Price Index was 2.6% compared to the same month last year. The growth rate is the same as in November.
The growth rate of the core price index was +2.9%. It's 3% cracked. There was a significant slowdown from 3.2% in November.
Changes in the PCE price index (compared to the same month last year,%)
Overall
August 3.3
September 3.4
October 2.9
November 2.6
December 2.6
Core (excluding food and energy)
August 3.7
September 3.6
October 3.4
November 3.2
December 2.9
At the FOMC in December last year, the central value of member predictions was 2.8% overall and 3.2% for the core. The current price index is slower than the FOMC view. This price index is also reflected in the FOMC details and Chairman Powell's press conference to be announced on January 31, US time.
According to FEDWATCH, the probability of interest rate cuts at the March FOMC is about 47%, unchanged from a week ago. The probability that interest rate cuts will be implemented 3 times or more by June FOMC is 37%.
Radio NIKKEI commentator Kamata Shinichi
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