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Sunday, December 4, 2022

Wall Street yielded to favorable data that dispelled hopes of a Fed turn

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The data showed that job openings in the United States unexpectedly increased in September, suggesting that labor demand remains strong despite the Fed’s actions.

“Hopes for a dovish turnaround from the Federal Reserve are misplaced if today’s job openings are any guide,” said Ronald Temple, head of US equities at Lazard Asset Management.

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Investors brace for a 75 basis point rate hike at the end of Wednesday’s two-day policy meetingbut will be watching closely for signs that there could be a smaller 50 basis point hike in December.

Another report showed US manufacturing activity grew in October at its slowest pace in almost two and a half years.

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mega-cap companiesWhat Amazon.com, Alphabet and Microsoft, which have come under pressure in recent weeks after disappointing results, fell between 1.7% and 5.5% in morning operations.

Among S&P 500 sectors, information technology led declines, while energy continued to perform strongly.

The securities of Chinese companies listed in the United States, such as JD.Com and Alibaba Group Holding, rose about 3% each after rumorsbased on an unverified note circulating on social media that China was planning a lifting of strict COVID-19 restrictions in March.

Source: Ambito

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