| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42512.00 | 431.63 | 1.03% |
| S&P 500 | 5792.04 | 40.91 | 0.71% |
| Nasdaq | 18291.62 | 108.70 | 0.60% |
| VIX | 20.86 | -0.56 | -2.61% |
| Gold | 2625.40 | -0.60 | -0.02% |
| Oil | 73.39 | 0.18 | 0.23% |
US MARKET
US stocks traded mixed on Wednesday as investors awaited the release of the Federal Reserve’s meeting minutes for insights on future rate decisions. All three major indexes edged slightly lower, while bond yields ticked up.
The market is focused on the Fed’s minutes to gauge the central bank’s stance on inflation and monetary policy, especially following a stronger-than-expected jobs report in September. Traders are largely anticipating a 25-basis-point rate cut in November, with expectations of further rate cuts being tempered.
Pantheon Macroeconomics and other analysts suggest the Fed will likely proceed with smaller, gradual cuts rather than another significant 50-basis-point reduction. Investors will also keep an eye on Thursday’s September Consumer Price Index report, a key factor in determining the Fed’s next move.
In early trading, Google’s parent company, Alphabet, slipped 1% as the US Department of Justice signaled potential antitrust action against the tech giant.
Markets currently see an 88% chance of a quarter-point rate cut, according to CME’s FedWatch tool.
LOCAL MARKET
Aussie shares are set for a lift today after Wall St posted gains across all major indices. Traders are now looking ahead to the US September CPI data, expected to signal steadier inflation, fueling bets of a 25-basis-point rate cut from the Federal Reserve next month.
In focus, ASIC raided four properties in an ANZ bond probe, and Rio Tinto is betting $9.9 billion on a lithium market rebound with a major Arcadium Lithium acquisition offer.
Oil dipped, gold slipped, and the US 10-year yield edged up to 4.07%.