The Labor Department reported Tuesday that consumer prices rose 3.1% in January from a year earlier, versus a December gain of 3.4%. That marked the lowest reading since June.
Rate Cuts Might Be Delayed. That's No Reason to Panic.
How much does it matter if the Federal Reserve starts cutting rates in June instead of May?
Not much to the broader economy, or even to investors. But that sure isn't how they reacted to Tuesday's consumer-price-index report. The Dow was down as much as 750 points by midafternoon and it closed 525 points, or 1.4%, lower. The more rate-sensitive Russell 2000 index of small-capitalization stocks plunged 4%, and the yield on 10-year U.S. Treasury notes rose to its highest since November.
Democrat Tom Suozzi Wins Race to Succeed George Santos in Congress
QUEENS, N.Y.-Democrat Tom Suozzi won a special election Tuesday on Long Island, flipping a seat in Congress from the GOP and sending a signal that his party can withstand Republican attacks on immigration in swing districts far from the border.
Suozzi defeated Republican Mazi Pilip, the Associated Press said, to reclaim his seat representing New York's Third Congressional District. The campaigns and outside political-action committees have spent more than $20 million on ads and organizing, part of which centers on the record-setting number of illegal crossings at the border-already a point of scrutiny for President Biden and down-ballot Democrats heading into November.
Republican-Led House Impeaches Alejandro Mayorkas on Second Try
WASHINGTON-The Republican-led House of Representatives impeached Homeland Security Secretary Alejandro Mayorkas on a largely party-line vote Tuesday, succeeding on the second try after an embarrassing defeat last week.
With the 214-213 vote, Mayorkas became the first sitting cabinet official in history to be impeached. The GOP has been pursuing the impeachment for more than a year, alleging that Mayorkas has willfully refused to enforce the nation's immigration laws, pointing to the record number of illegal crossings at the southern border in the past few years.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Alithya Group 3Q
Barrick Gold 4Q
CAE 3Q
Calian Group 1Q
Dundee Precious Metals 4Q
Great-West Lifeco 4Q
Keyera 4Q
Kinross Gold 4Q
Manulife Financial 4Q
North Americn Construction 4Q
Quipt Home Medical 1Q
Vecima Networks 2Q
West Fraser Timber 4Q
Economic Calendar (ET):
0830 Dec New motor vehicle sales
Stocks to Watch:
Clairvest Group 3Q Loss/Shr C$0.34; 3Q Loss C$5M
Dream Industrial REIT 4Q Loss C$8.82M; NAV Per Unit Was C$16.61 as at Dec 31, 2023
Mdf Commerce 3Q Rev C$30.2M; 3Q Loss/Shr C$0.10
Expected Major Events for Wednesday
07:00/UK: Jan UK producer prices
07:00/UK: Jan CPI
09:30/UK: Dec UK House Price Index
12:00/US: 02/09 MBA Weekly Mortgage Applications Survey
13:30/CAN: Dec New motor vehicle sales
15:30/US: 02/09 EIA Weekly Petroleum Status Report
23:50/JPN: 4Q 1st Preliminary Quarterly GDP Estimates
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
Avantor Inc (AVTR) is expected to report for 4Q.
Avient Corp (AVNT) is expected to report for 4Q.
Barrick Gold Corp (ABX.T,GOLD) is expected to report $0.28 for 4Q.
Blackstone Mortgage Trust Inc (BXMT) is expected to report $0.56 for 4Q.
Byrna Technologies Inc (BYRN,BYRN-L) is expected to report for 4Q.
CAE Inc (CAE,CAE.T) is expected to report $0.23 for 3Q.
CEVA Inc (CEVA) is expected to report $-0.11 for 4Q.
CME Group Inc (CME) is expected to report $2.22 for 4Q.
CSP Inc (CSPI) is expected to report for 1Q.
Ceres Global Ag (CRP.T) is expected to report for 2Q.
Chefs' Warehouse Inc (CHEF) is expected to report $0.39 for 4Q.
Chimera Investment Corp (CIM) is expected to report $0.14 for 4Q.
Conduent Inc (CNDT) is expected to report $-0.01 for 4Q.
Diebold Nixdorf Inc (DBD) is expected to report for 4Q.
Generac Holdings Inc (GNRC) is expected to report $1.75 for 4Q.
Global Payments Inc (GPN) is expected to report $1.34 for 4Q.
GrafTech International Ltd (EAF) is expected to report $-0.19 for 4Q.
IQVIA Holdings Inc (IQV) is expected to report $1.74 for 4Q.
Keyera Corp (KEY.T,KEYUF) is expected to report $0.47 for 4Q.
Lithia Motors Inc (LAD) is expected to report $8.17 for 4Q.
Martin Marietta Materials (MLM) is expected to report $3.96 for 4Q.
Microbix Biosystems (MBX.T,MBXBF) is expected to report for 1Q.
Outlook Therapeutics Inc (OTLK) is expected to report $-0.05 for 1Q.
Owens Corning (OC) is expected to report $2.84 for 4Q.
Parsons Corp (PSN) is expected to report for 4Q.
Progressive Corp (PGR) is expected to report.
S&W Seed (SANW) is expected to report $-0.11 for 2Q.
SiteOne Landscape Supply (SITE) is expected to report $-0.23 for 4Q.
Sonic Automotive Inc (SAH) is expected to report $1.83 for 4Q.
Sunoco LP (SUN) is expected to report $1.05 for 4Q.
Taylor Morrison Home Corp (TMHC) is expected to report $1.75 for 4Q.
TerraVest Industries is expected to report for 1Q.
The Kraft Heinz Co (KHC) is expected to report $0.76 for 4Q.
Timberline Resources Corp (TBR.V,TLR) is expected to report for 1Q.
Urban Edge Properties (UE) is expected to report for 4Q.
Vecima Networks is expected to report for 2Q.
Vishay Precision Group Inc (VPG) is expected to report $0.35 for 4Q.
Wabtec Corp (WAB) is expected to report $1.38 for 4Q.
Yellow Pages Ltd (Y.T) is expected to report for 4Q.
mdf commerce inc (MDF.T) is expected to report for 3Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
2U Cut to Hold From Buy by Needham
AN2 Therapeutics Cut to Market Perform From Outperform by Leerink Partners
Cadence Design Systems Cut to Neutral From Buy by Rosenblatt
Children's Place Cut to Sell From Neutral by B. Riley Securities
Cloudflare Cut to Hold From Buy by DZ Bank
CymaBay Therapeutics Cut to Hold From Buy by JonesTrading
CymaBay Therapeutics Cut to Market Perform From Strong Buy by Raymond James
CymaBay Therapeutics Cut to Neutral From Buy by B. Riley Securities
CymaBay Therapeutics Cut to Neutral From Buy by BTIG
CymaBay Therapeutics Cut to Neutral From Buy by HC Wainwright & Co.
CymaBay Therapeutics Cut to Neutral From Overweight by Cantor Fitzgerald
Duckhorn Portfolio Cut to Underperform From Neutral by B of A Securities
Equifax Raised to Outperform From In-Line by Evercore ISI Group
Everest Group Cut to Neutral From Buy by Citigroup
James Hardie Upgraded to Overweight from Neutral by Jarden
PayPal Holdings Cut to Neutral From Outperform by Daiwa Capital
Philip Morris Raised to Hold From Sell by Societe Generale
Teradata Cut to Equal-Weight From Overweight by Morgan Stanley
Teradata Cut to Neutral From Buy by B of A Securities
Terex Cut to Neutral From Buy by UBS
Trimble Raised to Overweight From Neutral by Piper Sandler
United Airlines Cut to Neutral From Buy by Redburn Atlantic
Wesco International Cut to Sector Perform From Outperform by RBC Capital
XPO Logistics Cut to Underweight by Morgan Stanley
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
02-14-24 0614ET
