The forced rethink about how low rates will ultimately go hurt stocks of home builders, real-estate owners and other companies that benefit from easier mortgage rates. But Friday’s blowout numbers bolstered hope that the U.S. economy will keep growing, particularly now that the Fed has begun cutting interest rates to give it more juice. The Fed last month lowered its main interest rate for the first time in more than four years and indicated more cuts will arrive through next year. On Friday, Foreign institutional investors (FIIs) net sold Indian shares worth ₹9,896.95 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of ₹8,905.08 crore, as per provisional data available on the exchanges.

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Traders now price in a 95% chance of a quarter point cut, up from 65% in the middle of last week, and a 5% chance of no cut at all, according https://agc-platform.com/ to CME’s FedWatch tool. Odds of a 50 basis point cut dropped to 0% from 53% last week after the strong September jobs report, according to the CME FedWatch Tool. Stocks soared on Friday as investors welcomed a key monthly jobs report that showed hiring remains robust in the US economy. The Middle East crisis and a return to work at US ports also stayed in high focus. In the oil market, the price for a barrel of Brent crude, the international standard, rose 0.6% to $78.05 per barrel to bring its gain for the week to 9.1%.

Gold Rate Today

US stock market ended higher on Friday, with the Dow Jones posting a record closing high. Worries over tensions in the Middle East still are casting a shadow, having pushed https://www.euronews.com/business/2024/09/17/how-to-make-finance-great-again-trumps-new-cryptocurrency-debuts oil prices sharply higher as the world waits to see how Israel will respond to an Oct. 1 missile attack by Iran. If Iran’s oil installations are taken offline, oil prices could surge over $200 per barrel, SEB’s Bjarne Schieldrop said.

• The US unemployment rate dropped to 4.1% in September from 4.2% in August, reflecting an increase of 430,000 jobs in household employment, which more than absorbed the 150,000 people who entered the labor force, Reuters reported.
• In the oil market, the price for a barrel of Brent crude, the international standard, rose 0.6% to $78.05 per barrel to bring its gain for the week to 9.1%.
• It soared a bit more than 10% over the week on excitement about a flurry of recent announcements from Beijing to prop up the world’s second-largest economy.
• Market expectations have swung to the extreme for the US Federal Reserve to do just a 25 bps cut in November, rather than 50 bps, following the US jobs data, Reuters reported.
• The September jobs report massively overshot expectations, as the US economy added 254,000 jobs last month and the unemployment rate fell to 4.1%.
• Traders now price in a 95% chance of a quarter point cut, up from 65% in the middle of last week, and a 5% chance of no cut at all, according to CME’s FedWatch tool.

Oil hovers near session highs, on pace for biggest weekly gain in over a year

D.R. Horton, PulteGroup and Lennar all sank at least 2.5% for three of the biggest losses in the S&P 500. Home Depot slipped 0.8% and was the biggest single reason the Dow Jones Industrial Average lagged other indexes. During the https://www.tradingview.com/symbols/BTCUSD/ day, the Dow went from an early gain of 300 points to a modest loss and back to a big gain.

October 07, 2024

At Bank of America, economist Aditya Bhave expects the Fed to stop cutting its target for the federal funds rate when it hits a range of 3% to 3.25%. That’s a quarter of a percentage point higher than the bottom that he was earlier forecasting. The Dow Jones Industrial Average rose 341 points, or 0.8%, to set its own record, while the Nasdaq composite clambered 1.2% higher. But U.S. benchmark crude oil slipped 19 cents to $74.19 per barrel early Monday, while Brent crude, the international standard, lost 29 cents to $77.76 per barrel. Fiscal stimulus in China could help boost the world’s second-largest economy to 5% GDP growth next year, SocGen analysts predicted. In the meantime, the strength of the U.S. economy reclaimed its spot as the top mover of markets.