Mixed Results on Wall Street Ahead of Fed’s Last Meeting of the Year
December 11th, 2023, Today on Wall Street, the S&P 500 experienced fluctuations, the Nasdaq dropped, and the Dow Jones rose.
The S&P 500 experienced slight gains and losses at the start of trading on Monday, while the Nasdaq composite dropped 0.3%, and the Dow Jones Industrial Average increased by 55 points, or 0.2%.
Macy’s reported a $5.8 billion bid to go private, causing their stocks to soar almost 16%.
The Federal Reserve is expected to make an announcement about their next move on interest rates, while updates on inflation will be released before the Fed’s meeting concludes on Wednesday.
Economists predict that the Fed will not raise benchmark borrowing rates, leading to the third consecutive time that the Fed has left its benchmark rate unchanged after a series of rate hikes to fight inflation.
A “soft landing” due to a sturdy labor market and steady spending could help control inflation and avoid a recession.
Central banks in Europe, including the European Central Bank, Bank of England, and Norway’s central bank, are meeting this week, with the DAX in Europe unchanged, the CAC 40 in Paris gaining 0.3%, and the FTSE 100 in London down 0.4%.
Oil prices retreated, with benchmark U.S. oil losing 13 cents to $71.10 in electronic trading on the New York Mercantile Exchange, while the U.S. dollar rose to 146.42 Japanese yen from 144.93 yen, and the euro traded at $1.0769, up from $1.0761.
On Friday, the S&P 500 rose 0.4% to 4,604.37, with the Dow Jones Industrial Average and the Nasdaq composite both gaining 0.4%.
