Live Nasdaq Composite: Markets on the Brink as Rates Hang in Balance
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White House economic chief Kevin Hassett believes a rate cut exceeding 25 basis points is justified.
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Microsoft will invest $17.5B in India for AI development. This is its largest Asia investment ever.
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AutoZone shares fell 4.3% after Q1 results showed margin contraction.
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Rate Cut Odds
The Kalshi betting platform for trading predicts a 95% probability that the Federal Reserve will slash interest rates by 0.25% on Wednesday.
Markets remain in wait-and-see mode, with the Nasdaq Composite now seeing fractional gains.
Private Employer Jobs
In a positive signal for the economy, U.S. private employers averaged 4,750 new jobs per week during the four-week period ending Nov. 22, according to ADP’s NER Pulse. This weekly snapshot offers an early glimpse into ADP’s more complete monthly employment data, drawing from a four-week rolling average.
The markets remain mixed ahead of the Fed decision on interest rates tomorrow.
Fed Expectations
Morgan Stanley economists are basing their assumptions on three interest rate cuts between now and April for a range of 3.0-3.25%.
JPMorgan economists are reportedly bracing for an interest rate cut with a “hawkish” tone.
The markets remain barely changed, including a fractional decline in the Nasdaq Composite.
This article will be updated throughout the day, so check back often for more daily updates.
With the Federal Reserve officials convening in Washington, D.C., the markets remain in wait-and-see mode. All three of the major stock market indices are relatively unchanged as Fed officials grapple with the state of the labor market and economy to determine the short-term fate of interest rates. The White House’s economic chief Kevin Hassett, who has been rumored to be President Trump’s hopeful replacement pick for Jerome Powell, reportedly believes there’s justification for a rate cut of more than 25 basis points, which could spark a surprise reaction from the markets.
Apple (Nasdaq: AAPL | AAPL Price Prediction) stock is in the spotlight after Citi analysts lifted their price target on the stock to $330 per share from $315 with a “buy” rating attached. The stock is gaining fractional ground. Separately, Microsoft (Nasdaq: MSFT) has promised to invest $17.5 billion to finance India’s AI ambitions, its biggest investment into Asia ever, according to CEO Satya Nadella.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 47,886.84 Up 147.52 (+0.26%)
Nasdaq Composite: 23,490.88 Down 51.54 (-0.23%)
S&P 500: 6,849.01 Up 2.50 (+0.01%)
Broader Market Movers
Home Depot (NYSE: HD) shares are up a solid 1% today amid management expectations for robust sales if the housing market starts booming.
AutoZone (NYSE: AZO) shares are tumbling 4.3% today on the heels of its Q1 earnings results amid margin contraction.
PepsiCo (NYSE: PEP) stock is down fractionally today after conceding with an activist investor Elliott Management to lower its prices in the U.S. market.
HSBC initiated coverage on Micron with a “buy” rating, touting the chip company’s technology prowess. Bernstein analysts initiated coverage on Nvidia (Nasdaq: NVDA) with an “outperform” rating based on the promising potential for chip sales in China.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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