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U.S. stocks fell as investors prepared for the Federal Reserve's final policy meeting of the year, with expectations for a quarter-point rate cut at 95.4%. Strong November retail sales, driven by vehicle purchases, slightly lowered rate-cut odds and indicated robust consumer strength, which may influence the Fed's future decisions. The likelihood of a pause in rate cuts at the January meeting has risen to nearly 80%.
U.S. inflation rose slightly in October, with the personal consumption expenditures price index increasing by 0.2% month-over-month and 2.3% year-over-year. Despite a dip in U.S. stock markets, investors remain optimistic, with many stocks above their 200-day moving average, indicating a solid market trend. Meanwhile, South Korea unexpectedly cut interest rates amid disappointing economic growth, and forecasts suggest the offshore yuan may hit a record low against the dollar by 2025.
Asia markets opened mixed following a stall in Wall Street's rally, with attention on the Bank of Korea's upcoming rate decision. U.S. inflation data aligns with the Federal Reserve's goals, suggesting stability in employment and prices, while the S&P 500's strong moving averages indicate solid market internals despite a slight downturn. Analysts are also exploring opportunities in international markets, citing U.S. stocks as relatively expensive.
The 10-year Treasury yield fell to 4.4098% as investors awaited key inflation data, including the Consumer Price Index and Producer Price Index for October. The CPI is projected to rise 0.2%, indicating a 12-month rate of 2.6%. This week’s economic indicators could influence the Federal Reserve's interest rate decisions.
U.S. stock futures dipped slightly as investors awaited the consumer price index data, with the Dow futures down 33 points and S&P 500 futures falling 0.1%. The market experienced a pullback after a strong post-election rally, with analysts noting profit-taking and positioning ahead of key economic reports this week. Notable stock movements included Spotify's 8% rise following user growth and Cava's 14% jump after exceeding earnings expectations, while Skyworks Solutions saw a nearly 2% decline despite an earnings beat.
Stock futures remained nearly flat following a significant rally after Donald Trump's election victory, with traders now focused on the Federal Reserve's interest rate decision expected Thursday. The Dow, S&P 500, and Nasdaq all reached new highs, while expectations for future rate cuts have shifted, indicating a potential pause in January. Key earnings reports from companies like Lyft and SolarEdge also influenced market movements in after-hours trading.
Scott Helfstein
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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