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CNBC Daily Open: U.S. Core Inflation Rises, Bitcoin Contradicts Market Trends

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CNBC Daily Open,U.S. Core Inflation,Bitcoin

The U.S. Commerce Department reported core inflation rising, bitcoin defied market trends, and financial stocks outperformed in 2024. Investors took profits on Big Tech stocks in the run-up to Thanksgiving, while the market expects the Federal Reserve to lower rates.

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The U.S. Commerce Department reported on Wednesday that core inflation rose 0.3% on the month and showed an annual reading of 2.8%, higher than September's 2.7%. Notably, bitcoin moved in opposite directions from U.S. indexes, which fell on Wednesday.

Despite market chatter about the 'Magnificent Seven' bag of stocks, financial stocks have been the best-performing group so far in 2024. Investors in the U.S. kept their trading appetite light in preparation for a heavy meal of turkey and stuffing and pumpkin pie, leading to profit-taking on Big Tech stocks. The market is pricing in a 64.7% chance of the U.S. Federal Reserve lowering rates by 25 basis points at its December meeting

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