Last Updated: 4:00 PM EST
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Stock indices finished today’s trading session mixed after today’s JOLTs report. Indeed, the Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 0.31% and 0.05%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) fell 0.17%. In addition, two Federal Reserve officials shared their thoughts about inflation and interest rates. Although there was some optimism about progress, there was also some caution about what lies ahead.
Austan Goolsbee, the Chicago Fed President and a voting member in 2024, said interest rates are likely to come down over the next year as inflation continues to ease. He called 2023 a “Hall of Fame year” for cutting inflation without causing a recession, thanks to supply chain improvements, though he admitted many Americans still feel the pain of higher prices.
Adriana Kugler, a Fed Governor and current voting member, said inflation is on track toward the Fed’s 2% target despite occasional bumps. She noted that the labor market is strong. Kugler said she’s taking a “meeting-by-meeting” approach to rate decisions by keeping an eye on risks like supply shocks, trade issues, or immigration changes under the incoming Trump administration that could undo the Fed’s progress.
First Published: 4:01 AM EST
U.S. stock futures remained steady on Tuesday morning following a strong start to December. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.1%, 0.01%, and 0.07%, respectively, at 3:18 a.m. EST, December 3.
In yesterday’s trading session, the S&P 500 and the Nasdaq Composite (NDAQ) climbed 0.2% and 1%, respectively, and reached new record highs. The upside was driven by gains in major technology stocks like Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Broadcom (AVGO). On the other hand, the Dow Jones index declined by 0.3%.
In major stock market news, Super Micro (SMCI) surged 29% after the company disclosed that an independent committee found no evidence of financial wrongdoing. Also, Tesla (TSLA) gained 3.5% after a couple of analysts raised their price targets for the stock.
Moving ahead, investors are awaiting the release of key economic indicators, particularly the October Job Openings data, due today. This report will provide insights into the strength of the labor market and could influence the Federal Reserve’s monetary policy decisions.
On the corporate front, investors are looking forward to earnings reports from Salesforce (CRM), Marvell (MRVL), and Okta (OKTA), which are scheduled to be released after the market closes today.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.2% at the time of writing. At the same time, WTI crude oil futures are trending higher, hovering near $68.32 per barrel as of the last check.
Elsewhere, European indices opened higher on Tuesday morning as investors continued to monitor the political situation in France.
Asia-Pacific Markets Ended Higher on Tuesday
Most of the Asia-Pacific indices were in the green today. The Japanese stock market witnessed strong gains today buoyed by a rally in tech stocks. In contrast, Chinese traders remained cautious after the U.S. announced new restrictions on China’s access to critical components for chips and AI.
Hong Kong’s Hang Seng Index gained 1%. Further, Japan’s Nikkei and Topix indices rallied by 1.91% and 1.43%, respectively. Also, China’s Shanghai Composite index gained 0.44%, while the Shenzhen Component index slipped 0.4%.
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