Retailers and other consumer companies ticked up amid trepidation ahead of earnings season.
Consumer price inflation eased to 6.5% in December on an annual basis, a far cry from the June peak above 9%. Price increases did not taper off as significantly as some investors had anticipated, leading to a volatile session for stocks.
"We continue to believe that it's too early for an imminent Fed pivot and the conditions are not yet in place for a sustainable equity rally," said Mark Haefele, chief investment officer at money manager UBS Global Wealth Management, in a note to clients.
American Airlines Group shares rallied to a six-month high as the carrier shrugged off recent struggles with cancellations and said fourth-quarter earnings and revenue would exceed its prior projections.
Sandwich chain Subway is exploring a deal that would take the company private at a valuation of about $10 billion, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-12-23 1733ET
