U.S. stocks closed at fresh highs of the year on Tuesday, after inflation data did little to alter views for the timing of a rate cut by the Federal Reserve, as investors awaited the central bank's last policy decision of the year on Wednesday
U.S. stocks registered modest gains on Monday but managed to close at new highs for the year, ahead of major market catalysts this week that include inflation readings and the Federal Reserve's policy announcement, which will strongly influence investor expectations on the path of interest rates
Many analysts suspect risks are to the upside, with Goldman Sachs tipping 238,000 including a chunk of workers returning from strikes, and a jobless rate of 3.8%.
Financial markets have priced in a 95.8% likelihood that the central bank will let its key Fed funds target rate stand at 5.25%-5.50% at December's policy meeting.
The BSE-listed firms achieved a $1-trillion m-cap milestone in May 2007. The market cap surpassed $2 trillion in July 2017 and $3 trillion in May 2021.
Charlie Munger passes away: “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” said "Warren Buffett in a statement.
The approach of month end could also cause some caution given the hefty gains investors are sitting on. Japan's Nikkei added 0.3%, having surged 9% so far in November.
Goldman Sachs, as per Bloomberg, suggested that earnings to be the main driver of returns for Asia markets with valuations generally at fair levels relative to the macro-economic backdrop. The investment bank cut Hong Kong-listed Chinese companies to market-weight and Hong Kong firms to underweight, as per the report.
The Dow Jones Industrial Average fell 220.33 points, or 0.65%, to 33,891.94, the S&P 500 lost 35.43 points, or 0.81 %, to 4,347.35 and the Nasdaq Composite lost 128.97 points, or 0.94 %, to 13,521.45.
The Fed held interest rates steady on Wednesday as expected, and while Chair Jerome Powell left the door open to further tightening he also acknowledged the impact of a recent surge in bond yields on the economy
China's top parliament approved a 1 trillion yuan ($137 billion) bond issue, state media reported adding the funds would be spent rebuilding disaster zones and improving infrastructure.
The Dow touched a near four-week high and was on course for its best day in more than two months, while the S&P 500 and the Nasdaq were headed for their best days in nearly two weeks.
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