Shares of several companies in the broader communications, media & entertainment industry, including Netflix Inc NFLX, are trading higher as stocks gain following Tuesday's CPI report. Lighter-than-expected inflation has led to hopes of softer Fed rate hikes, which could cause less of a negative impact on consumer spending.
Fed monetary policy tightening could begin to taper off as inflation cools down, which would positively benefit growth stocks. Also, a decline in Treasury yields is positively impacting the sector.
What's Going On With CPI Data?
The headline CPI rose 7.1% in November, down from 7.7% in October, according to data from the U.S. Bureau of Labor Statistics.
The November CPI reading came in below average economist estimates of 7.3%.
Tuesday's highly anticipated CPI inflation reading comes just a day ahead of the Federal Reserve's final meeting of the year...Read More
See Also: Inflation Slows Significantly In November, Sending Stocks Higher: What You Need To Know
According to data from Benzinga Pro, Netflix is trading higher by 4.34% to $328.85. Netflix has a 52-week high of $620.61 and a 52-week low of $162.71.
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