Stock Market Overview
What you need to know…
The S&P 500 Index ($SPX) (SPY) on Friday closed down -0.27%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.47%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.08%.
Stocks on Friday settled mixed. Signs of deceleration in global inflation were supportive for stocks on Friday. The Aug PCE core deflator, the Fed’s preferred inflation gauge, rose +3.9% y/y, the slowest pace in 2 years. Also, Eurozone Sep CPI eased to +4.3% y/y from +5.2% y/y in Aug, the slowest pace of increase in almost two years. The friendly inflation news sparked a bond rally, adding to the positive sentiment in stocks.
However, hawkish comments Friday from New York Fed President Williams pushed bond yields slightly higher and knocked stocks off of their best levels when he said, "My current assessment is that we are at, or near, the peak level of the target range for the federal funds rate, though I expect we will need to maintain a restrictive stance... Read more
We’ll see some key data releases this week as well as some potentially market-moving news. Here are 5 things to watch in the market this week.
Apple stock Is trading at 4-month lows at $171.21, close to its lows in May. But earnings are still expected to grow and its free cash flow outlook is bright, making it attractive to value buyers.
Consumer staples stocks, such as Kroger and Sysco, can help you create a defensive moat for your portfolio if the U.S. economy enters a recession next year.
Apple is blaming a software bug and other issues tied to popular apps such as Instagram and Uber for causing its recently released iPhone 15 models to heat up and spark complaints about becoming too hot...
The Emirati president-designate for the upcoming United Nations COP28 climate conference has offered a full-throated defense of his nation hosting the talks