Overview
The market was buoyed by news of a Senate agreement to end the long-standing government shutdown, with investors shifting back to riskier assets. The positive sentiment was led by tech giants NVIDIA and Broadcom, which have been pivotal in driving the current bull market.
| Nasdaq Composite | S&P 500 |
| Dow Jones Industrial Average | 1 South Korean won equals |
A Major News Story
The Senate, with the support of eight Democratic senators who broke with party lines, voted to pass a procedural bill essential for ending the government shutdown. This agreement aims to fund the government until January and address recent federal employee furloughs. However, key issues such as the extension of Obamacare subsidies were not included but are slated for a vote in December. This move was supported by President Trump, increasing the likelihood of the shutdown ending within days.
Tomorrow's Economic Indicators
| Time | Event |
|---|---|
| 20:00 | U.S. October NFIB Small Business Optimism Index |
| 22:55 | U.S. Johnson Redbook Retail Sales Index |
A General Opinion
The Senate's decisive action is seen as a breakthrough in resolving the shutdown, expected to resume the flow of economic data releases and reduce uncertainties around monetary policy. Analysts note the market's current rally as a testament to the rapid adaptation capabilities within AI sectors. With the possibility of delayed economic reports being released soon, insights into employment and the broader economy will be crucial ahead of the Fed's next rate decision. Opinions on future rate cuts remain divided, with some Fed officials advocating caution, while others perceive a December cut as necessary due to ongoing weak inflation and labor market signals.
