(US) – US stock markets experienced a fluctuating session as they headed towards the closing bell, ultimately ending with modest losses. Federal Reserve officials confirmed that the possibility of raising interest rates remains on the table.
Here’s the market recap:
- Wall Street’s Dow dropped by 0.3%
- S&P 500 declined by 0.2%
- Nasdaq Composite slipped by 0.1%
In New York, notable stock movements included:
- BHP gaining 1.9%
- Rio advancing by 0.5%
- Atlassian rising by 2.9%
- Tesla facing a 4.2% dip
- Apple increasing by 0.5%
- Amazon edging down by 0.2%
- Meta climbing 1.1%
The United Auto Workers (UAW) union made an announcement on Friday, revealing an expansion of their coordinated strike against General Motors and Stellantis. However, they also noted progress in their discussions with Ford Motor.
In the early hours of trading, ASX futures saw a decline of 18 points or 0.3%, reaching 7,086 near 9 am AEST.
The local currency experienced a rebound, briefly surpassing US64.50ยข, while the Bloomberg dollar spot index showed modest gains.
Bitcoin, traded on bitstamp.net, registered a 0.4% decrease, reaching $US26,517 at 7:10 am AEST. The yield on the US 10-year note saw a decline of 6 basis points, settling at 4.43% at 4:59 pm in New York.
Although several Federal Reserve officials indicated that higher interest rates might be necessary to control inflation, market traders continue to bet against any rate hikes in November or December.
According to the CME Fedwatch Tool, 74.5% of traders anticipate rates to remain unchanged in November, and 59.3% expect no adjustments in December
