US Markets Rise in Anticipation of Inflation Data and Fed’s Final Meeting
US Markets LIVE, 11 Dec 2023: The US stock market indexes opened on a mixed note on Monday, as investors are gearing up for the final Federal Reserve meeting of the year 2023, with the hope of early interest rate cuts from next year.
The Dow Jones Industrial Average (DJIA) opened a tick higher at 36254.33, while the S&P 500 index made a negative opening of 10.98 points and opened at 4593.39. The Nasdaq Composite index also opened lower by 63.84 points at 14340.13.
US Markets Live Updates Today
US Markets at 11.10 a.m. EDT, The US markets are trading mixed at this moment. Dow Jones is trading higher by 98.56 points or 0.27 percent at the 36346.43 level while the S&P 500 is trading positive by 2.41 points or 0.05 percent at 4606.78 levels. The tech-heavy Nasdaq Composite index trades lower by 47.68 points or 0.33 percent at 14356.29 levels.
US Market News
The US markets are trading quiet indexes are trading near their neutral lines, as investors remained cautious ahead of Tuesday’s consumer price index and Federal Reserve’s monetary policy meeting outcome. Federal Reserve Chairman Jerome Powell’s comments will play a key role in a potential interest rate cut next year.
The US central bank is expected to hold interest rates steady on Wednesday due to cooling inflation. Investors trimmed bets after the job data last week that the Fed will start cutting interest rates in March next year. According to the CME Group’s FedWatch tool, the markets priced in a 45% likelihood of a March rate cut, earlier it was 57%
The analysts at Goldman Sachs have predicted that Fed policymakers are likely to reduce interest rates twice by the end of next year and can expect the first cut in the third quarter. The possibility of another rate hike is minimal unless hotter-than-expected inflation figures dispel the notion that rate cuts will occur sooner rather than later.
Meanwhile, the 10-year US Treasury yield climbed to 4.271%, it was settled higher at 4.230% on Friday.
US Stocks In News
The shares of Cigna gained above 16% as health insurance providers could not agree on financial terms for the deal and ended talks to merge with rival Humana, which would have created a $140 billion giant instead, the company is hiking its buyback program.
The big tech stocks Apple, Nvidia, and Meta Platforms are trading lower by 1.8% to 3% and putting pressure on the Nasdaq index.
The share price of Pinterest gained 1.8% after RBC upgraded the stock to outperform the sector perform
The retailer Macy’s jumped 19% after the report that the company received a buyout offer from two investment firms for $ 5.8 billion or $21 per share.
Crude Oil Prices
Crude oil prices are trading slightly lower on Monday after closing lower for the seventh consecutive week. Trader’s sentiments remain cautious ahead of the Federal Reserves meeting this week.
The US WTI crude trades slightly lower by 0.27 % at $71.04 per barrel, while London-based Brent crude oil is marginally down by 0.20% at $75.69 per barrel.
Also, read – Stock Market Prediction Next Week (11- 15 Dec 2023)
Global Stock Market Snapshot: US and European Markets Rise, Asian Indexes Mixed
US Markets at Close
The US stock market saw gains as investors eagerly looked ahead to inflation data scheduled for Tuesday and the last Federal Reserve meeting of 2023 on Wednesday. Investors were optimistic regarding the possibility of early interest rate cuts in the coming year. The Dow Jones Industrial Average (DJIA), and the S&P 500 index gained 0.43% and 0.39% respectively, while the tech-heavy Nasdaq erased all losses and gained 0.20% on Monday.
If you like the post “US Markets Rise in Anticipation of Inflation Data and Fed’s Final Meeting” please share it with others.
Happy Investing!
Editor’s Desk
