The loss of momentum in December comes after stocks had an unprecedented November, driven by hopes that the Fed is finally very close to ending its interest rate hikes.
A report due later Tuesday will reveal how many job openings are being advertised, while another will show how strong service industries are in the United States.
New York Stock Exchange
This Tuesday, Wall Street falls again for the second online session, after a big rally that took it to its highest level in 20 months. Thus, the S&P 500 loses 0.4%, the Dow Jones Industrial Average falls 131 points, or 0.4%, while the composite index Nasdaq rises 0.4%.
The loss of momentum in December comes after stocks posted a record November, with hopes that the Federal Reserve has finally ended its interest rate hikes. Inflation is slowing from its peak two summers ago, and the hope is that that means the Fed can soon lower the cost of borrowing, which could help keep the economy going. out of a recession and increase the prices of all types of investments.
Wall Street: the data analyzed by the market
A report due later Tuesday will reveal how many job vacancies are being advertised, while another will show how strong are the service industries in the United States.
A series of recent data raised hopes on Wall Street that the economy is slowing down of its recently accelerated pace in just the right amount. Too much force would give more boost to inflation, but too little would mean a recession.
That’s why investors expect to see a slowdown, particularly in job openings data. The hope is that the labor market can cool more by reducing open positions by employers than by laying off many workers.. Economists expect the report to show that employers announced 9.3 million job openings at the end of October, up from 9.6 million the previous month.
In the bond market, Treasury yields continued to fall from levels reached in late October.
The 10-year Treasury yield fell to 4.20% from 4.26% late Mondayoffering a little more room for maneuver for stocks and other markets. It had been above 5% and at its highest level in more than a decade during October.
Lower yields have been one of the reasons cryptocurrency prices have been rising recently. Excitement over a potential bitcoin-linked exchange-traded fund, which would open it up to new types of investors, has also helped send its value above $42,000 recently.
Source: Ambito
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