Investors are feeling jittery as recent polls show DONALD TRUMP and KAMALA HARRIS in a tight presidential race, with the outcome likely to determine trade and tax policy over the next 4 years.
The S&P 500 rallied on US Election day, Tuesday, Nov. 5, 2024 led by the Technology sector. The Dow Jones Industrial Average rose 427 points, or 1%, the S&P 500 index gained 1.2%, while the NASDAQ Composite gained 1.4%.
Investors prepared for a crucial week in which Americans will elect a new president and the Federal Reserve will announce its interest rate decision. Presidential candidates DONALD TRUMP and KAMALA HARRIS both struggled to gain the upper hand in the final day of a very tight race.
The US stock market closed in red territory after a volatile session on Monday (04/11/24), as investors prepared for a crucial week in which Americans will elect a new president and the Federal Reserve will announce its interest rate decision. Presidential candidates DONALD TRUMP and KAMALA HARRIS both struggled to gain the upper hand in the final day of a very tight race.
FIRST ROUND OF US ECONOMIC INDICATORS REVOLVING AROUND EMPLOYMENT, ECONOMIC GROWTH, & INFLATION SUPPORT SOFT-LANDING.
US Treasury yields initially fell after US NONFARM PAYROLL data for October showed the US economy barely added jobs in October with a figure of just 12k (much lower than the consensus of 106k and down sharply from the Sept figure which was already revised down to 223k), although the Oct labor data was understandably affected by hurricane disruptions and industrial strikes.
Global stock indices closed in positive territory in the first trading day of November last Friday (01/11/24), with AMAZON.com shares rallying following a better-than expected earnings report, while the 10-year US TREASURY YIELD hit a 4-month high as investors increasingly refrained from buying bonds before the US ELECTION on Tuesday (05/11/24).
Besides the lackluster outlook from the Tech sector majors, there were still many performance reports for investors to digest; as they received the PCE PRICE INDEX report, the Federal Reserve’s closely monitored Inflation benchmark slowed on an annualized basis to 2.1% during Sept, cooling from August’s figure which was revised up to 2.3%.
BYE OCTOBER, HELLO NOVEMBER! The S&P 500 closed sharply lower on Thursday (31/10/24) as shares of Meta and Microsoft in the Technology sector plunged 4% and 6% respectively, while signs of higher inflation muddied the way for future Federal Reserve interest rate cuts.
