Beat the street: stocks pause ahead of Fed minutes
The global stock rally hit the ‘pause’ button as investors wait on the latest Fed minutes and earnings from tech giant NVIDIA, which could move US markets in a shortened trading week.
Lowe’s warns on big ticket DIY spending and weakening footfall.
(Video summary)
In this video, host Angeline Ong talks about different news and updates that are affecting the stock market. She explains that the recent upswing in stock prices has slowed down because investors are waiting for important information from the Federal Reserve (Fed).
Ong also discusses NVIDIA's earnings and whether the excitement around artificial intelligence (AI) will translate into big profits. She talks about concerns in the retail sector, particularly with the upcoming Thanksgiving holiday.
Ong mentions that the stock market is starting off the day slowly and calmly. She also talks about how US stocks have recently had strong performance, with the S&P 500 reaching its highest point since August and the Nasdaq hitting a 22-month high.
Axel Rudolph, IG analyst, discusses the Dow Jones Industrial Average and believes there is still room for the market to go up.
Federal Reserve meeting minutes
The most important event of the day is the release of the Federal Reserve's meeting minutes, which will give us insight into their plans for interest rates and the economy.
The price of gold is going up because the US dollar is losing value. However, there are concerns that the meeting minutes may tell us that the Federal Reserve plans to raise interest rates more than people expect.
Earnings
We are also anticipating NVIDIA's earnings report. People are wondering if restrictions on sales in China will hurt their results. The Philadelphia Semiconductor Index, which has been doing very well this year, is also mentioned.
Other companies mentioned include HP, which is expected to make more money but bring in less revenue, and Zoom Communications, which is expected to benefit from increased demand for AI products.
In the retail sector, Lowe's reports a larger than expected decrease in spending on do-it-yourself items and warns that fewer people are coming to their stores. This is likely due to concerns about the cost of living and higher mortgage rates.
Lastly, Baidu, a big tech company in China, reports higher-than-expected revenue and says they are committed to investing in AI.
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