🚀 Producer Price Index rises 0.2%

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Wholesale inflation pressures eased in December as the producer price index rose 0.2%, below expectations of 0.4%, while core PPI remained flat against a forecasted 0.3% gain. Annually, headline PPI climbed 3.3%, up sharply from 2023's 1.1%. Goods prices rose 0.6%, led by a 9.7% surge in gasoline, offset by a 14.7% drop in fresh and dry vegetable prices. Services prices were flat, with a 7.2% rise in passenger transport balanced by lower traveler accommodation costs. Stock futures rose, Treasury yields fell, and the Fed's upcoming January meeting remains key, with no immediate rate cuts expected despite ongoing market speculation.

2. President Joe Biden signed an executive order Thursday to accelerate domestic AI infrastructure development while addressing national security risks. The directive allows the Department of Defense and Department of Energy to lease federal sites for gigawatt-scale AI data centers, with developers covering all costs and delivering matching clean energy resources to avoid electricity price hikes. The order highlights AI’s transformative economic potential in sectors like health care and transportation while addressing environmental concerns over water-intensive data center cooling. Tech giants like Google, Microsoft, and Amazon are already exploring nuclear power to sustain operations, with Microsoft reviving the Three Mile Island reactor through a deal with Constellation.

3. Bitcoin rebounded 4.5% on Tuesday to $97,044.35 after dipping below $90,000 earlier in the week, buoyed by a cooler-than-expected producer price index reading of 0.2% for December, compared to an anticipated 0.4%. Broader crypto markets followed suit, with the CoinDesk 20 index up 3.9%, and crypto-related stocks like Coinbase and MicroStrategy climbing over 3% and 5%, respectively. The market remains volatile, caught between inflation concerns linked to President-elect Trump’s policies and optimism about his pro-crypto stance. Bitcoin is 10% below its December peak but up 3% year-to-date, with analysts like Tom Lee forecasting potential dips to $70,000 before surging to $200,000-$250,000 by year-end.

4. Headlines

   1. CFPB is suing Capital One for misleading consumers.

   2. Klarna has partners with Stripe ahead of its IPO.

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