On Thursday, Nov. 14, U.S. markets ended lower after Fed Chair Jerome Powell moistened wish for a rate of interest cut, pointing out stable financial development, a strong task market, and consistent inflation. Traders lowered bets on a December cut, resulting in decreases in the Dow, S&P 500, and Nasdaq.
Powell’s remarks followed information revealing an increase in manufacturer costs for October, a little greater than anticipated.
Related: Powell’s Hawkish Remarks Shake Markets: Stocks Fall, Dollar Firecrackers, Bitcoin Dips
Financial information revealed that U.S. unemployed claims fell by 4,000 to 217,000 for the week ending Nov. 9, beating quotes of 223,000. Manufacturer costs increased by 0.2% in October, matching market expectations after a modified 0.1% increase in September.
Most of S&P 500 sectors fell, led by customer discretionary, industrials, and health care. Nevertheless, tech and energy stocks ended higher.
The Dow Jones Industrial Average was down 0.47% and closed at 43,750.86, the S&P 500 decreased 0.50% to 5,949.17, and the Nasdaq Composite moved 0.64% to complete at 19,107.65.
Asia Markets Today
- On Friday, Japan’s Nikkei 225 decreased 0.35% and ended the session at 38,637.50, led by gains in the Warehousing, Shipbuilding, and Trading sectors.
- Australia’s S&P/ ASX 200 increased 0.74% and ended the day at 8,285.20, led by gains in the Energies, Gold, and Financials sectors.
- India Markets were closed for the Expert Nanak Jayanti vacation.
- China’s Shanghai Composite decreased 1.45% to close at 3,330.73, and the Shenzhen CSI 300 fell 1.75%, ending up the day at 3,968.83.
- Hong Kong’s Hang Seng slipped 0.09% and closed the session at 19,426.34.
Eurozone at 05:30 AM ET
- The European STOXX 50 index was down 0.23%.
- Germany’s DAX got 0.14%.
- France’s CAC fell0.04%.
- UK’s FTSE 100 index traded greater by 0.02%.
- European stocks were blended after weak U.K. development information, greater French inflation, and hawkish Fed remarks.
Products at 05:30 AM ET
- Petroleum WTI was trading lower by 1.35% at $67.78/ bbl, and Brent was down 1.28% at $71.63/ bbl.
- Oil costs decreased, heading for a weekly loss amidst issues over deteriorating Chinese need and less expected U.S. rate cuts. Lower refinery output and slowing factory development in China included pressure.
- Gas decreased 2.44% to $2.717.
- Gold was trading greater by 0.04% at $2,573.80, Silver got 0.16% to $30.610, and Copper increased 1.6% to $4.1420.
United States Futures at 05:30 AM ET
Dow futures reduced 0.44%, S&P 500 futures were down 0.63%, and Nasdaq 100 futures fell 0.88%.
Forex at 05:30 AM ET
- The U.S. Dollar Index decreased 0.15% to 106.51, USD/JPY was down 0.60% at 155.30, and USD/AUD moved 0.25% to 1.5453.
- The U.S. dollar struck near 1 year highs after Fed Chair Powell’s hawkish remarks enhanced Treasury yields, pressing equities. The dollar’s rise weighed on the euro, gold, and oil costs.
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