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Inflation declines, but slower than expected

Headline consumer price inflation declined to 2.4% in September, a smidge above expectations.

10/10/24 11:02AM

It’s a touch hotter than expected, but inflation continues to fall.

Wall Street analysts had called for today’s consumer price index report to show prices 2.3% higher than September 2023 levels. In the end it, arrived at 2.4%. The CPI index excluding food and energy prices, so-called core CPI, rose 3.3%, also a tenth of a percent higher than expected.

Yields on iShares 20+ Year Treasury Bond ETF ticked up a tad in response to the news, while stocks slipped a bit (see SPDR S&P 500 Trust), but nothing major. The S&P is still up about 0.5% this week and more than 21% on the year. Not too shabby.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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