Stock Market: Latest News, Top Stories & Analysis

Industry consensus earnings estimates for 2022 and 2023 are in a downgrade cycle—even if we think they have further to fall. U.S. 10-year Treasury yields have risen almost aal stock price 200 basis points this year and at 3.4% offer a decent yield . The outlook is more precarious for the United Kingdom, where natural gas accounts for 40% of energy use.

Japanese bonds are still expensive with the Bank of Japan aggressively defending the 25-basis point yield limit. Our methodology has fair value for Japanese government bond yields at around 50 basis points. Yields have risen sharply in most markets in recent months. The risk of a further significant selloff seems limited given inflation is close to peaking and markets have priced hawkish outlooks for most central banks.

  • House prices rose rapidly during the pandemic and both countries have high levels of housing debt.
  • Canadian equities haven’t been immune to the global drawdown in equities, but have held up well relative to global shares and may continue to do so.
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  • The New Highs/Lows widget provides a snapshot of US stocks that have made or matched a new high or low price for a specific time period.
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Inflation pressures are stronger in the UK due to labor supply shortages. The Bank of England has already lifted the policy rate to 2.25% and markets expect the rate to peak at 4.5% in mid-2023. The new prime minister, Liz Truss, is planning a support package of energy price caps and tax cuts that could amount to nearly 8% of gross domestic product .

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Forecasting models are inherently uncertain, subject to change at any time based on a variety of factors and can be inaccurate. Russell believes that the utility of this information is highest in evaluating the relative relationships of various components of a globally diversified portfolio.

stock market news today

But the approach will likely weigh on markets, as investors anticipate poor business performance amid the economic slowdown, Silverblatt said. There was some relief for investors over the past three months with global equities posting moderately positive returns. Markets, however, were under pressure in late September as central DotBig banks continued to tighten policy and inflation remained high. Natural gas accounts for about a quarter of Europe’s energy supply. The natural gas price was averaging around €16/megawatt hour in the five years to 2020 before surging to around €200/mwh currently. This is the equivalent of oil prices rising to $600 per barrel.

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It also means Fed Chair Jerome Powell is unlikely to navigate a pivot to a less hawkish stance before early in 2023. Central banks haven’t finished tightening and the U.S. yield curve remains inverted. Federal Reserve to go on hold in early 2023 and oversold equity market sentiment means a lot of bad news is already priced in. The S&P 500 fell 2.8 percent, bringing its losses for the month to 7.8 percent. The index is on track for its worst monthly decline since March 2020, when stocks plunged 12.5 percent as the coronavirus spread around the world, prompting lockdowns and halting economic activity.

stock market news today

While investors expect a downshift in rate hikes at the Fed’s December meeting, today’s data has left analysts expecting a higher terminal rate than previously forecasted. The Dow added 34 points, while the Nasdaq Composite fell 0.2%. On the data front today, market participants will be assessing the labor market data for any signs of cooling. The Fed will be looking at this data to see if the labor market has eased enough to assure their rate hikes are working.

Stocks Friday morning initially sold off after bond yields jumped on concern the Fed may have to keep monetary policy tighter due to Friday’s stronger-than-expected U.S. However, stocks recovered from their worst levels as T-note yields fell back for the remainder of the day. The 10-year T-note yield Friday finished the day down -0.1 bp at 3.504% after initially climbing to 3.633%. The post COVID-19 recovery, inflation surge and energy price shock have triggered large currency extremes. The U.S. dollar has benefited from Fed hawkishness and its safe-haven appeal during times of market volatility.

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Canadian equities haven’t been immune to the global drawdown in equities, but have held up well relative to global shares and may continue to do so. However, downside risks remain due to the cyclicality of Canadian shares, making them more vulnerable to a recessionary selloff. Some investors are now challenging the Bank of Japan’s commitment to policy accommodation.

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Coming into this week major US indices had spent the previous two weeks consolidating in a tight range following the better than expected CPI data. Last week in holiday shortened trade both the S&P 500 and the Dow Jones Industrial Average rallied ~1.5% testing the upper end of that range. We started off the week giving back most of those gains ahead of Chair Powell’s speech at the Brookings Institute and this week’s employment data. Those catalysts created some volatility but at the end of the day major indices ended the week modestly higher with the S&P 500 and Russell 2k up ~1% while the Dow Jones Industrial Average ended the week around unchanged. New Highs/Lows only includes stocks traded on NYSE, NYSE Arca, Nasdaq or OTC-US exchanges with over 5 days of prices, with a last price above $0.25 and below $10,000, and with volume greater than 1000 shares. Across the pond, German exports missed analyst expectations and declined 0.6% in October.

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