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Market Update (12/13/24)
Inflation week ends with a new AI market star. #inflation #coreinflation #inflationrate #cpi #ppi #fed #fedmeeting #ratecut #ratecuts #ai #earningsreport #broadcom #avgo #bigtech

The week started focused on inflation as the last potential roadblock for a rate cut. But, both the CPI and PPI’s core inflation was in-line and likely secures a December cut.

Then, Broadcom reported. While earnings were mostly in-line, investors latched on to an potentially up to $90B market opportunity for custom AI chips by 2027. Broadcom is already working on these application specific chips with some big customers. Shares surged 24% today.

However, the overall market was flat－ending the week lower. So what’s next?

Well, Fed week. With inflation in-line, a rate cut is expected, but largely priced-in at this point. After the meeting, markets likely slow down into the holidays. We may get a seasonal Santa rally on low volume into the New Years, but we’ll see if it materializes to cap a 6% run since October and 27% YTD.


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