Making sense of the forces driving global markets |
By Alden Bentley, Americas Finance and Markets Breaking News Editor
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Jamie is enjoying some well-deserved time-off, but the Reuters markets team will still keep you up to date on what moved markets today.
I'd love to hear from you, so please reach out to me with comments at alden.bentley@thomsonreuters.com.
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- On Wall Street the benchmark S&P 500 and tech-heavy Nasdaq were up about 1.6% and 2.7%, respectively
- U.S. Treasury yields fell
- The dollar eased against the euro and rose vs the Japanese yen
- Crude oil rose 1.3%
- Gold rose 1.4%
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Reanimated about December Fed cut |
Investors paraded back into U.S. stocks after last week's bull market reset, emboldened by the latest remarks by influential Federal Reserve officials. Fed Governor Christopher Waller on Monday told Fox Business that available data indicate labor conditions are weak enough to justify a quarter-point cut when the Federal Open Market Committee meets in two weeks, reinforcing dovish comments by New York Fed President John Williams that helped reverse last week's selloff on Friday. Rate futures markets place the odds of a quarter-point cut on December 10 at 67%, up from less than even last week. The Magnificent Seven mega caps were all in recovery mode, overriding concerns that rattled sentiment about excessive valuations and debt financing of the artificial intelligence spending spree. |
Graphics are provided by Reuters. |
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More delayed data trickles out on Tuesday with the Producer Prices Index and Retail Sales from September that did not get released during the government shutdown. Given the Thanksgiving holiday on Thursday, early stock and bond closes on Friday, and the proximity of December book closings, large swings either way should not come as a surprise. Black Friday's shopping deals will provide the first inkling of how retailers at least will fare going into year-end.
Market action was not broadly risk-on, however, with safe-haven gold and Treasuries also gaining, along with crude oil. The dollar index meanwhile slipped, although the greenback was solid against the beleaguered yen, after Takuji Aida, an adviser to Prime Minister Sanae Takaichi, said on Sunday that Japan can actively intervene in the currency market. |
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What could move markets tomorrow? |
- US September Producer Prices
- US September Retail Sales
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Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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