2023-11-29 01:44:54
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The Dow Jones New York Stock Exchange Index closed positive on Tuesday (Nov. 28) in response to positive comments from Federal Reserve (Fed) officials. The market was also supported by an increase in the US Consumer Confidence Index. more than expected
The Dow Jones Industrial Average closed at 35,416.98 points, up 83.51 points or +0.24%, the S&P 500 Index closed at 4,554.89 points, up 4.46 points or +0.10%, and the Nasdaq Index closed at 14,281.76 points, up 40.73 points or +0.29%.
Christopher Waller, a member of the Fed Board of Governors, said: He is increasingly confident that the Fed’s policy interest rates are now tight enough. along with signaling the possibility that the Fed may cut interest rates in the coming months. If inflation continues to fall closer to the Fed’s target of 2%
While Austan Goolsby, president of the Chicago Fed, said: US inflation figures are falling at the fastest rate since the 1950s, and he said he is concerned if the Fed keeps interest rates high for too long.
Comments from Waller and Goolsby supported the market. Although contrary to the opinion of Mrs. Michelle Bowman, a member of the Fed Board of Governors, who said The Fed needs to raise interest rates further to bring inflation down to its target in a timely manner.
The latest CME Group’s FedWatch Tool indicates that investors give 98.9% weight to the Fed to maintain interest rates at 5.25-5.50% at the meeting on Dec. 12-13 and expect the Fed may begin cutting interest rates. In the middle of 2024
The market was also supported by a survey from the Conference Board, which said the U.S. Consumer Confidence Index rose to 102.0 in November from 99.1 in October and was higher than analysts expected. Events at level 101.0
The National Retail Federation (NRF) forecasts that retail sales for the November and December shopping seasons will increase 3% to 4% year-on-year. This is because consumers have spent more this year.
NRF’s forecast is in line with Adobe Analytics’ estimate that online spending on Cyber Monday in the United States will surge to an all-time high. 12.4 billion dollars This is because shoppers are accepting offers of discounts, exchanges, giveaways from companies that sell a wide variety of products. From Barbie dolls to Lego sets and smartwatches.
Eight of the 11 stocks in the S&P 500 closed in positive territory, led by luxury goods stocks. As for healthcare stocks, they dropped the most.
Boeing shares rose 1.4% after analysts at RBC Capital Markets raised the investment weight of Boeing shares to “Outperform” from “Sector Perform”.
Affirm Holdings shares rose 11.5%, continuing their rally. This was driven by consumers spending aggressively on Cyber Monday.
Shares of Micron Technology, a major U.S. chipmaker, fell 1.8% after the company forecast that Operating spending in 1Q2024 will be higher than previously forecast.
For the US economic data released last night, S&P CoreLogic Case Schiller revealed the results of a survey indicating that The national home price index rose 3.9% in September from 2.5% in August, with the largest increases in Detroit, San Diego and New York.
Investors keep an eye on the United States as it reveals gross domestic product (GDP) figures for the 3rd quarter of 2023 (second estimate) and the economic summary report or Beige Book from the Federal Reserve (Fed) today.
As for on Thursday The United States will release the number of weekly jobless claims, the Personal Consumption Expenditures (PCE) price index for October and the number of home sales contracts pending closing (Pending Home Sales) for October. On Friday, the November manufacturing index from the Institute for Supply Management (ISM) and October construction spending will be released.
Source: InfoQuest News Agency
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