Overview
The U.S. stock market saw a rise today, with approximately 450 stocks in the S&P 500 index climbing, despite the ongoing fluctuation caused by a $3.1 trillion options expiration. Despite today's rebound, the S&P 500 is projected to record its worst monthly performance since March. Some traders are optimistic that this correction could lay the groundwork for a year-end 'Santa Rally'.
| Nasdaq Composite | S&P 500 |
| Dow Jones Industrial Average | 1 South Korean won equals |
A Major News Story
The U.S. Bureau of Labor Statistics has canceled the October Consumer Price Index release, with November's data due on November 18. Market sentiment was positively influenced by New York Fed President Williams, who suggested the potential for further monetary policy easing. In contrast, Boston Fed's Collins maintained a cautious stance, stating that current policies are appropriately positioned. Market volatility was further fueled by fluctuations in AI-related stocks. Notably, Nvidia saw an initial 4% drop but closed down by only 1% following news of potential H200 chip exports to China. Meanwhile, Google's stock surged by 3.5% due to positive reception of its new AI model.
Tomorrow's Economic Indicators
| Release Date | Economic Indicator |
|---|---|
| November 28 | November Consumer Price Index (CPI) |
General Opinion
This week's market behavior suggests a potential for a rebound from selling pressure, yet it seems more of a temporary bounce rather than a longer-term trend reversal. Williams' comments hinting at potential easing have fostered a positive investor sentiment. The market is currently driven by themes of monetary policy and AI monetization. If interest rate cuts materialize by December, a year-end rally could become a reality.
