NEW YORK, New York – There was little appetite for U.S. stocks Tuesday following the release of minutes for the last Federal Reserve monetary committee’s meeting.
Central bank officials also said they would only need to hike rates if incoming information showed a lack of progress in lowering inflation, the minutes from the Oct. 31-Nov. 1 meeting said.
“No surprises from the Fed meeting minutes,” Gene Goldman, chief investment officer at Cetera Investment Management told Reuters Tuesday. Goldman noted that the Fed said on Nov. 1 that further hikes were possible, yet Fed Chair Jerome Powell in a news conference “downplayed the need to raise rates again. Markets hoped for some type of clarification on this inconsistency.”
In a day of diverse market movements, major stock indices in the U.S. reported lower closing figures on Tuesday. Here’s a snapshot of the performance of key indices:
S&P 500 (^GSPC): The Standard and Poor’s 500 closed at 4,540.61, showing a decrease of 6.77 points or -0.15 percent. Investors navigated through a range of factors influencing market sentiment, contributing to the day’s nuanced downturn for the S&P 500.
Dow Jones Industrial Average (^DJI): The Dow Jones Industrial Average concluded at 35,093.53, signaling a decrease of 57.51 points or -0.16 percent. Market participants grappled with various economic indicators and external influences, resulting in a subtle decline for the Dow Jones.
NASDAQ Composite (^IXIC): The NASDAQ Composite reported a closing figure of 14,206.31, displaying a decrease of 78.23 points or -0.55 percent. The technology-heavy index reflected the day’s cautious market sentiment, with investors carefully assessing the landscape of the tech sector.
Global Foreign Exchange Market Update – Tuesday Currency Quotes
In the dynamic world of foreign exchange markets, Tuesday saw a series of fluctuations across major currency pairs with the .S. dollar mostly clawing back some of its losses of last week. Here are the latest exchange rates:
EUR/USD (Euro / US Dollar): The euroex change rate settled at 1.0914, experiencing a decrease of 0.24 percent or -0.00258. Investors observed a slight dip in the euro against the U.S. Dollar, reflecting the delicate balance in the currency markets.
USD/JPY (US Dollar / Japanese Yen): The Japanese yen exchange rate concluded at 148.33, showing a marginal increase of 0.02 percent or +0.028. The pairing indicated subtle movements, emphasizing the cautious sentiment prevailing in the currency market.
USD/CAD (US Dollar / Canadian Dollar): The Canadian dollar exchange rate edged down to 1.3705 Tuesday, displaying a decrease of 0.15 percent or -0.0020. Investors witnessed a modest decline in the the Canadian Dollar, reflecting the nuanced nature of currency trading.
GBP/USD (British Pound / US Dollar): The British pound increased to 1.2539, exhibiting an increase of 0.28 percent or +0.0035. The British pound saw a positive shift against the US Dollar, marking a noteworthy movement in this currency pair.
USD/CHF (US Dollar / Swiss Franc): The Swiss franc exchange rate edged up to 0.8836, signaling an increase of 0.14 percent or +0.0012. The pairing reflected a slight gain, contributing to the intricate dynamics of the currency market.
AUD/USD (Australian Dollar / US Dollar): The Australian dollar’s virtually unchanged at 0.6556 Tuesday, showing a minimal increase of 0.01 percent or +0.00005. The Australian dollar experienced subtle gains against the US Dollar, underlining the cautious optimism in the currency market.
NZD/USD (New Zealand Dollar / US Dollar): The New Zealand dollar advanced to 0.6048, displaying an increase of 0.20 percent.
Global Stock Markets Finish Mostly Lower on Tuesday
In a day characterized by diverse market movements, stock indices around the world displayed a range of fluctuations during Tuesday’s trading session, but in the main, finished lower.
S&P/TSX Composite index (^GSPTSE): The S&P/TSX Composite index closed at 20,137.24, experiencing a decrease of 109.23 points or -0.54 percent. Canadian markets mirrored the global trend of caution, with the index showing a modest downturn amid the day’s trading.
The FTSE 100 in the UK concluded at 7,481.99, signaling a decrease of 14.37 points or 0.19 percent. Market participants grappled with various factors, contributing to the day’s nuanced downturn for the FTSE 100.
Across the channel, the DAX PERFORMANCE-INDEX in Germany closed at 15,900.53, registering a slight decline of 0.80 points, equivalent to 0.01 percent. The DAX mirrored the global sentiment of caution, with the index maintaining stability amidst a day of relatively subdued market activity.
In France, the CAC 40 wrapped up the session at 7,229.45 Tuesday, experiencing a dip of 17.48 points or 0.24 percent. The French market echoed the day’s cautious approach, reflecting the broader international trend.
The ESTX 50 PR.EUR (^STOXX50E) closed at 4,331.90, showing a decrease of 10.51 points or 0.24 percent. The Eurozone investors navigated through economic indicators and geopolitical nuances influencing market dynamics.
The Euronext 100 Index (^N100) reported a closing figure of 1,345.24, signaling a decrease of 5.17 points or 0.38 percent. Investors in the Eurozone contended with a complex mix of regional and global factors shaping market sentiment.
Moving to Belgium, the BEL 20 (^BFX) concluded at 3,515.63, experiencing a decline of 19.14 points or 0.54 percent. Belgian markets reflected the cautious approach observed across various European indices.
In Russia, the MOEX Russia Index (IMOEX.ME) closed at 2,222.51 Tuesday, displaying a decrease of 4.14 points or 0.19 percent. Russian investors navigated through a landscape shaped by both domestic economic factors and international developments.
Shifting to the Asia-Pacific region, the Nikkei 225 in Japan closed at 33,354.14, indicating a minor decrease of 33.89 points or 0.10 percent. Japanese investors contended with a delicate balance of economic indicators and external influences shaping market sentiment.
In Hong Kong, the HANG SENG INDEX reported a closing figure of 17,733.89, showing a decline of 44.18 points or 0.25 percent. The Hang Seng mirrored the global trend of caution, with investors in the Asian markets exercising prudence.
In China, the SSE Composite Index (000001.SS) concluded at 3,067.93, with a decrease of 0.39 points or 0.01 percent. Market dynamics in China reflected the intricate interplay of domestic economic factors and global uncertainties.
The Shenzhen Index (399001.SZ), also in China, closed at 9,997.09 Tuesday, displaying a decline of 25.61 points or 0.26 percent. Investors in Shenzhen navigated through a complex landscape influenced by both local and international developments.
In Singapore, the STI Index (^STI) reported a closing figure of 3,096.34, showing a decline of 15.24 points or 0.49 percent. Singaporean investors exercised caution amidst a day of mixed global market movements.
In India, the S&P BSE SENSEX (^BSESN) reported a closing figure of 65,930.77, indicating a gain of 275.62 points or 0.42 percent. Indian markets displayed relative strength, standing out amidst the cautious global sentiment.
Also in India, the NIFTY 50 (^NSEI) reported a closing figure of 19,783.40, indicating a gain of 89.40 points or 0.45 percent. Indian markets displayed relative strength, standing out amidst the cautious global sentiment.
In Indonesia, the IDX COMPOSITE (^JKSE) closed at 6,961.79 Tuesday, showing a decrease of 33.10 points or 0.47 percent. Indonesian investors grappled with a mix of economic indicators and global factors influencing market dynamics.
Moving to Malaysia, the FTSE Bursa Malaysia KLCI (^KLSE) concluded at 1,463.40, displaying an increase of 6.48 points or 0.44 percent. Malaysian markets exhibited a relatively optimistic tone, contrasting with the broader global trend.
In South Korea, the KOSPI Composite Index (^KS11) reported a closing figure of 2,510.42, showing an increase of 19.22 points or 0.77 percent. South Korean markets exhibited relative strength, standing out amidst the cautious global sentiment.
In Taiwan, the TSEC weighted index (^TWII) concluded at 17,416.70, displaying a positive shift with an increase of 206.23 points or 1.20 percent. Taiwanese markets exhibited resilience, contributing to the positive closure.
Down under, the S&P/ASX 200 in Australia concluded at 7,078.20 Tuesday, showcasing a positive shift with an increase of 19.80 points or 0.28 percent. Australian markets exhibited a relatively more optimistic tone, standing in contrast to the cautious global sentiment.
Meantime,, the Australia ALL ORDINARIES (^AORD) concluded at 7,289.30, displaying a positive shift with an increase of 20.60 points or 0.28 percent. The Australian market exhibited resilience in the face of global uncertainties, contributing to the positive closure.
In New Zealand, the S&P/NZX 50 INDEX GROSS (^NZ50) closed at 11,164.42, indicating a decrease of 43.04 points or 0.38 percent. New Zealand investors navigated through a landscape influenced by both local and international market factors.
In South Africa, the Top 40 USD Net TRI Index (^JN0U.JO) reported a closing figure of 3,965.12 Tuesday, indicating a decrease of 24.78 points or 0.62 percent. The South African market reflected the broader trend of caution observed across various international indices.
In Israel, the TA-125 (^TA125.TA) reported a closing figure of 1,767.30, signaling a gain of 11.20 points or 0.64 percent. Israeli investors navigated through a mix of economic indicators and global developments shaping market sentiment.
In Egypt, the EGX 30 Price Return Index (^CASE30) concluded at 24,774.00, displaying an increase of 14.00 points or 0.06 percent. Egyptian markets exhibited resilience amidst a day of mixed global market movements.
The closing percentages across these global indices, while reflecting modest movements, collectively depict the intricate interplay of economic indicators, geopolitical events, and investor sentiment shaping the global financial landscape. Investors continue to navigate a complex web of factors as they position themselves in an ever-evolving market.