Updated 4:15 PM EST
Socks ended mixed on Thursday after one of Wall Street’s strongest rallies in two months as investors turned to a key inflation reading that could add weight to a long-awaited clarification on bulls. rate quote from Fed Chairman Jerome Powell.
Powell ignited markets yesterday during a speech at the Brookings Institution in Washington, where he said the central bank could consider lower rate hikes, likely as early as December, as it monitors the impact of its struggle against inflation throughout the economy.
“Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far have yet to be felt,” Powell said. “So it makes sense to moderate the pace of our rate hikes as we approach the level of moderation that will be sufficient to bring inflation down.
The remarks, along with his suggestion that the Fed could execute a so-called ‘soft landing’ for the economy, which includes slowing inflation while avoiding recession, sparked a sharp turnaround in stocks yesterday, the S&P 500 rising 3.09% to close above. its 200-day moving average – a key performance measure for technical analysts – for the first time since early April.
His comments were bolstered by a weaker-than-expected reading in the Fed’s preferred inflation gauge, the PCE price index, for the month of October.
The core PCE price index for September rose 5% from a year ago, down from the 5.1% pace recorded in September and essentially matching the consensus forecast of 5%. The benchmark index rose 0.2% on the month, the Bureau of Economic Analysis reported, a sharp drop from September that entered analysts’ forecasts.
Traders are now redefining assumptions for the Fed’s next policy meeting, which ends Dec. 14, and are now pricing in a 77% chance of a 50 basis point rate hike, a rise that would lift the funds rate feds at a range of between 4.25% and 4.5%.
The U.S. dollar index extended its retreat in overnight trading, falling another 1.16% to 104.72 on Thursday night, the lowest since early August, while benchmark 10-year bonds retreated at 3.505%.
On Wall Street, the Dow Jones Industrial Average ended 195 points, or 0.6%, at 34,395, while the S&P 500 slipped 0.1%. The tech-heavy Nasdaq gained 0.13%.
In terms of individual actions, Salesforce (RCMP) – Get a free report fell 8.1% after saying co-CEO Bret Taylor would leave the enterprise software group, clouding a stronger-than-expected third-quarter earnings report.
General dollar (CEO) – Get a free report shares also fell sharply, ending down 7.5%, after the discount-focused retailer posted weaker-than-expected third-quarter earnings, while trimming its full-year outlook, retail costs. transportation and supply chain disruptions that have reduced profit margins.
On the other hand, Five Below (FIVE) – Get a free report Shares jumped 16.6% after posting stronger-than-expected third-quarter earnings and noting that sales continued to accelerate in the final weeks of the period.
Overnight in Asia, reports of planned changes to China’s Covid policies, including a stipend for home quarantine and a reduction in mass testing, have revived hopes for a wider reopening over the course of the new year and increased inventories in Shanghai and elsewhere.
The MSCI regional index ex-Japan rose 1.4% at the close of trading, while Europe’s Stoxx 600 ended up 0.76% in Frankfurt in a rally following the close of trading. last night on Wall Street. London’s FTSE 100 closed 0.2% lower in London as the pound hit 1.2249 against the declining greenback.
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