*All three major stock indexes achieved three consecutive positive weeks
* 10-year U.S. Treasury yield falls to two-month low
*internationalityoil priceUp 4%
U.S. stocks fluctuated within a narrow range near the flat level throughout the day, and finally closed higher. As of the close, the Dow rose 1.81 points, or 0.01%, to 34947.28 points; the S&P 500 rose 5.78 points, or 0.13%, to 4514.02 points; the Nasdaq closed up 11.81 points, or 0.08%, to 14125.48 points.
Investors are betting that the Federal Reserve has completed its tightening actions. The 10-year U.S. bond yield fell to a two-month low during the day, hitting as low as 4.379%. The indicator hit 5% at the end of last month; the 2-year U.S. bond yield also fell. to a new low since September 1.
Interactive Brokers“Both bonds and stocks have been severely oversold in recent weeks, so the market has reacted very positively to signs that inflation is fading,” said chief strategist Steve Sosnick.
As the economy cools, U.S. stocks post three consecutive positive weeks
To sum up the week, inflation data were lower than expected across the board, giving investors hope. They expected that the worst period of inflation may be over, and the Federal Reserve is expected to change its policies.interest rateA strong stance on policy. The consumer price index for October released on the 14th (CPI) showed that the year-on-year CPI growth slowed to 3.2%, and the core CPI increased by 0.2% month-on-month, down 0.1 percentage points from the previous value; the producer price index released on the 15th (PPI) recorded the largest decline in three and a half years; retail sales fell 0.1% month-on-month in October, the first decline in seven months; and signs of cooling in the U.S. job market continue to strengthen.
In addition, strong financial performance has also boosted the stock market. According to financial data company LSEG, most S&P 500 companies have disclosed third-quarterperformanceof which more than 80% of companies exceedanalystIt is expected that this ratio is the highest level since the second quarter of 2021.
Therefore, the three major stock indexes all recorded three consecutive positive weeks. The S&P 500 index rose 2.2% on the week, the Nasdaq rose 2.4% cumulatively, and the Dow Jones Industrial Average rose 1.9% on the week. It was the first time since July to achieve three weekly gains.
Although the above data point to a slowdown in inflation, Boston Fed President Susan Collins said on Friday that recent data are noisy and need to be comprehensively reviewed and appropriate policy actions evaluated in real time.She said that the possibility of further interest rate hikes cannot be ruled out at present, and further increases may be needed to curb inflation.interest rate.
International oil prices surged 4%
In terms of commodities, international oil prices rose by more than 4% on the day. The day before, oil prices suffered a sharp sell-off due to growing concerns about surging crude oil supply and cooling demand, plunging 5% to a four-month low, and U.S. oil prices fell into a bear market. , which is a 22% retracement from its September high. On Friday, WTI crude oil futures closed up $2.99, or 4.1%, at $75.89/barrel; Brent crude oil futures closed up $3.19, or 4.1%, at $80.61/barrel.
In terms of individual stocks, the share price of clothing brand GAP surged 30.6% after its performance. For the quarter ended October 28, adjusted earnings per share were 59 cents, far exceeding market expectations of 19 cents; the company’s revenue during the period was US$3.77 billion, a 7% decrease from the same period last year, higher than expected Valued at $3.6 billion;net profitwas US$220 million, a year-on-year decrease of 22.7%. The retailer gave mixed guidance for the holiday quarter, expecting sales to be flat or down slightly year over year.
OpenAI, a hot emerging technology company this year, has encountered a high-level earthquake. Media reports stated that the company’s CEO Sam Altman will leave and be replaced by the company’s chief technology officer Mira Murati. The company’s board of directors said it no longer has confidence that Altman has the ability to continue to lead. OpenAI capabilities.
(Source of article: China Business News)
Article source: China Business News
Original title: The economy and inflation cooled, U.S. stocks posted three consecutive positive weeks, and oil prices rebounded by more than 4%
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