Stock Market Today: Stocks Close Higher Ahead of December CPI Report
The main indexes gained ground as Wall Street awaits a critical inflation update.


Stocks closed higher Wednesday as investor sentiment remained upbeat ahead of this week's key inflation report and the start of fourth-quarter earnings season.
The Street will get the final Consumer Price Index (CPI) figures for 2023 ahead of tomorrow's opening bell. Most economists expect the headline December CPI will be slightly higher on an annual basis vs November, while core CPI, which excludes volatile food and energy prices, will be slightly lower.
Markets rallied hard at the end of 2023 on expectations the Federal Reserve will start cutting interest rates as soon as its March meeting. "That is what makes tomorrow's CPI report all the more important, as the data now needs to fall in line with the very bullish expectations priced into the markets," says Craig Erlam, senior market analyst at OANDA.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
On Friday, financial results from several big banks – including Bank of America (BAC, -0.1%) and JPMorgan Chase (JPM, +0.2%) – kickoff Q4 earnings season. While the earnings recession officially ended in Q3, analysts are growing increasingly worried about Q4. According to John Butters, senior earnings analyst at FactSet Research Systems, analysts cut their fourth-quarter earnings per share (EPS) estimates for the S&P 500 by 6.8% from September 30 to December 31. That's significantly greater than the five-year average of a 3.5% decline during the quarter.
Amazon stock pops on layoff news
In single-stock news, Amazon.com (AMZN) jumped 1.6% – gaining $25 billion in market capitalization – after the e-commerce giant said it's laying off several hundred employees in its Prime Video and MGM Studios divisions. Amazon is also cutting 500 jobs in its Twitch unit. The company has laid off roughly 27,000 employees since 2022.
Fellow Magnificent 7 stock Meta Platforms (META) also had a strong day on the price charts, adding 3.7%. Mizuho Securities analyst James Lee lifted his price target on META to $470 from $400. That's the highest target on the Street, according to S&P Global Market Intelligence.
In a note to clients, Lee, who has a Buy rating on Meta, writes that fiscal 2024 revenue estimates for the Facebook parent are "conservative." The analyst also thinks that "WhatsApp could incrementally increase Meta's revenue base by a third over time using AI to automate customer service."
Bitcoin trades lower ahead of SEC's spot bitcoin ETF ruling
Meanwhile, ahead of today's Securities and Exchange Commission (SEC) ruling on spot bitcoin ETFs (exchange-traded funds), Bitcoin traded just below the $46,000 price point.
The cryptocurrency spiked all the way up to $47,000 late Tuesday after a tweet on the SEC's X page suggested the regulatory agency approved a spot bitcoin ETF. However, the SEC immediately issued a follow-up tweet that indicated its X page was hacked and that the tweet was fake. The SEC's decision is expected after Wednesday's close.
As for the main indexes, the Nasdaq Composite finished up 0.8% at 14,969, the S&P 500 climbed 0.6% to 4,783 and the Dow Jones Industrial Average added 0.5% to 37,695.
Related content
- Is a Controversial Capital Gains Tax Headed for Repeal?
- Starbucks 2024 Deals: BOGO Weekends, $3 Drinks, Triple Stars
- What Does a Government Shutdown Mean for Stocks?
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Stock Market Today: Solid Signals Lift Stocks Despite Tariff Noise
Markets are whistling over the White House in an ongoing display of corporate America's enduring ability to survive and advance.
-
Amtrak Joins Prime Day With Deals on Fares — But You’ll Have to Act Fast
Prime members can score 20% off midweek fares — what travelers should know before booking.
-
Stock Market Today: Solid Signals Lift Stocks Despite Tariff Noise
Markets are whistling over the White House in an ongoing display of corporate America's enduring ability to survive and advance.
-
Dividend Increases: 7 Stocks With Rising Payouts
While dividend growth has been slowing, certain stocks have raised their dividend payouts. These are some selections.
-
Stock Market Today: Trump's Copper Comments Cause a Stir
Markets remain resilient and monetary policy makers stand fast against a rising tide of new terms of trade, including around copper.
-
Stock Market Today: Trump Reextends His Tariff Deadline
When it comes to this president, his trade war, the economy, financial markets and uncertainty, "known unknowns" are better than "unknown unknowns."
-
Stock Market Today: President Trump Reboots the Tariff Trade
A broad consensus that markets hate uncertainty more than anything else is being tested on an almost daily basis in 2025.
-
Stock Market Today: It's 'Most Sectors Go' Ahead of Independence Day
The resilience trade continues to work, even for sectors and stocks with specific uncertainties.
-
Stock Market Today: S&P 500, Nasdaq Hit New Highs After Vietnam Trade Deal
Ahead of a key July 9 tariff deadline, President Trump said the U.S. has reached a trade deal with Vietnam.
-
Stock Market Today: Another Quarter, More Mixed Price Action
"Up and to the right" remains the general trend despite persistent uncertainty around critical policy issues.