Traders wait for Fed officials to speak, major indexes fluctuate | Anue Juheng-U.S. Stock Radar

The major U.S. stock indexes fluctuated flat on Tuesday (28th), in sharp contrast to previous gains, as investors remained cautious ahead of a speech by Federal Reserve (Fed) officials, waiting for officials to speak and looking for clues about the direction of monetary policy. .

before deadline,Dow Jones Industrial Averagefell nearly 0.01%,Nasdaq Composite Indexfell nearly 0.2%,S&P 500 Indexfell nearly 0.1%,Philadelphia SemiconductorThe index fell more than 0.6%.

The November rally in U.S. stocks came to an abrupt end yesterday. The market was closed after Thanksgiving to closely monitor the Fed’s new monetary policy clues. Previous data showed that inflation has slowed, boosting hopes that the Fed may end raising interest rates. The U.S. dollar weakened slightly and was on track to post its biggest monthly drop in a year, while U.S. bond yields climbed, recouping some of the previous day’s losses.

Expectations that interest rates have peaked and that the economy will avoid recession have boosted stocks and bonds this month. Citi strategists believe thatS&P 500 IndexOne of the best November rallies in a century is running out of steam, with net positioning on the benchmark index looking “slightly bearish.”

Several policymakers, including trustees Christopher Waller and Michelle Bowman, will speak on Tuesday. As market focus turns to the timing of a potential rate cut, market participants will be keeping a close eye on their views.

Meanwhile, central bank chiefs in Australia, the United Kingdom and Thailand warned that the outlook for monetary policy remains uncertain. Joachim Nagel of the European Central Bank (ECB) said it was not yet time to consider lowering borrowing costs.

Kumar Pandit, a fund manager at Somerset Capital Management in London, said: “It is not surprising to see some funds being withdrawn, especially when the market does not expect the European Central Bank to cut interest rates before the middle of next year. Although the inflation data was better than expected, this The rally is likely to end soon.”

In terms of energy, according to multiple media reports, the Organization of the Petroleum Exporting Countries and its partner countries (OPEC+) have not yet resolved the deadlock on oil production quotas among member countries, and may extend the production reduction policy rather than adopt further production cuts to support oil prices. In addition, due to the There are still differences and the meeting may be postponed, but it is still unclear when exactly it will be postponed.

Before the deadline, it will expire in January next year.Brent crude oilFutures rose 0.94% to $80.73 a barrel; West Texas crude oil futures due in January rose 1.04% to $75.63 a barrel.

As of 22:00 Taipei time on Tuesday (28th):

Focus stocks:

Tesla (TSLA-US) rose 0.98% in early trading to $238.31 per share

According to the latest news from Cybertruck’s official account on Factory held. That’s an hour later than what a company executive had announced earlier.

apple (AAPL-US) rose 0.24% in early trading to $190.25 per share

Key sources from several consumer electronics supply chain companies revealed that Apple (AAPL-US) will officially mass-produce the first-generation MR (mixed reality) product Vision Pro in December this year. The first batch of stocks will be about 400,000 units. The sales target next year is 1 million units and 10 million units in the third year.

General Motors (GM-US) fell 0.56% in early trading to $28.34 per share

General Motors will cut spending on its self-driving unit Cruise after a pedestrian accident last month halted testing, the Financial Times (FT) reported on Tuesday, citing people familiar with the matter. While GM won’t give up on self-driving services, it will reduce investment in the unit going forward, in part because of an expected slowdown in testing. GM’s quarterly investment in Cruise is approximately $700 million.

Today’s key economic data:

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Wall Street analysis:

Deutsche Bank economists warned in a report released on November 27 that as the U.S. economy enters a mild recession in the first half of next year, the Fed will cut interest rates more than the market currently expects, and the bank is expected to cut interest rates in June 2024. 2 yards (50 basis points), kicking off the interest rate cutting cycle, and the rate cut next year will reach 175 basis points.