Overview
The U.S. stock market ended in mixed territory today. Despite nearing all-time highs, the market struggled to maintain its upward trajectory as traders anticipated next week's Federal Reserve interest rate decision. Investors focused on employment trends and corporate earnings, seeking direction in the midst of uncertainty.
| Nasdaq Composite | S&P 500 |
| Dow Jones Industrial Average | 1 South Korean won equals |
Major News
- According to ADP data, private employment saw a significant drop.
- Despite recent layoff announcements, many employers seem to maintain their existing workforce.
- Meta's stock surged by about 3.5% on reports considering expected cuts to its metaverse business, while Amazon fell 1.4% due to contract issues.
- Stock movement was mixed with Salesforce showing strong performance, whereas Snowflake plummeted after disappointing guidance.
- Despite concerns about AI, optimism persists with expectations for corporate earnings growth and potential policy easing.
Tomorrow's Economic Indicators
| Time | Event |
|---|---|
| Midnight | U.S. September PCE Price Index |
| Midnight | U.S. December University of Michigan Expectations Inflation |
| Midnight | U.S. December University of Michigan Consumer Sentiment Index |
| Late Night | U.S. Baker Hughes Total Rig Count |
General Opinion
The market is currently pricing in about an 87% chance of a rate cut by the Federal Reserve. Attention remains on the upcoming personal consumption expenditures price index release, with investors closely watching how it might influence the Federal Reserve's meeting next week. Analysts suggest that market volatility will continue, but the potential for policy easing could positively impact the market. While some hesitation remains, the outlook for the S&P 500 remains cautiously optimistic.
