Investors are awaiting this week’s inflation data and Fed officials’ comments as major indexes edged lower | Anue Juheng-U.S. Stock Radar

The major U.S. stock indexes opened slightly lower on Monday (27th). Heavy U.S. inflation data will be released this week. At the same time, Federal Reserve (Fed) policymakers will also make speeches, which will attract market attention. In addition, retailers have also attracted market attention, because “Cyber ​​Monday” (Cyber ​​Monday) sales are expected to achieve good results, and the stock prices of Amazon, Walmart and others rose in early trading.

before deadline,Dow Jones Industrial Averagefell nearly 60 points or nearly 0.2%,Nasdaq Composite Indexfell more than 10 points or nearly 0.1%,S&P 500 Indexfell nearly 0.2%,Philadelphia SemiconductorThe index fell nearly 0.4%.

Profit growth for Chinese industrial companies slowed significantly in October, further showing signs of continued weakness in the world’s second-largest economy. The latest economic data from the United States and Europe to be released this week will be a factor that determines whether U.S. stocks can continue to rise.

Before U.S. stocks open on Monday,NasdaqFutures fell as much as 0.5% before recovering losses, in line with the Euro Stoxx 600 index.USA 10-Year Treasury Bond YieldGold prices climbed to a six-month high while the dollar fell after hitting a more than one-week high.

Anders Faergemann, senior fund manager at Pinebridge Investments in London, said that investors are now quite long and are looking for another trigger point to maintain their bullish view, and the global macroeconomic outlook has not changed significantly.

In recent weeks, investors have believed that the Federal Reserve and the European Central Bank (ECB) are unlikely to raise interest rates further to boost the market, and the VIX index, known as Wall Street’s fear gauge, fell to its lowest level since January 2020 last week.

Traders have already priced in the possibility of a pause in interest rate hikes in December and estimate a 53% chance of a rate cut of at least 1 cent (25 basis points) next May, according to CME Group’s FedWatch Tool.

A number of Fed officials will speak at different meetings this week, with Fed Chairman Jerome Powell expected to participate in a Fireside Chats on Friday (12/1).

In addition, investors are still waiting for the Fed’s Beige Book to be released this week, as well as the Fed’s favorite inflation indicator – the October personal consumption expenditures (PCE) index.

In other news, retailers are also in the spotlight following Black Friday and Cyber ​​Monday, with shoppers expected to spend a record $12 billion. Amazon (AMZN-US), Wal-Mart (WMT-US) shares rose nearly 1% before the market opened on Monday.

As of 22:00 Taipei time on Monday (27th):

Focus stocks:

Tesla (TSLA-US) fell 0.65% in early trading to $233.93 per share

Tesla CEO Musk will travel to Israel on Monday to meet with Israeli President Isaac Herzog and Prime Minister Benjamin Netanyahu. According to Business Insider, the visit may be seen as Musk’s attempt to mend fences and establish a dialogue with Israeli authorities amid continued criticism. In addition, Tesla will hold a Cybertruck delivery event at the Texas Gigafactory on November 30, and Tesla’s official website will simultaneously broadcast live.

Shopify (SHOP-US) rose 2.22% to $71.93 per share in early trading

Shopify rose nearly 4% before the market opened. The company reported record global sales over the weekend – the platform’s “Black Friday” sales this year totaled more than $4 billion, 22% higher than last year. Adobe data shows that on Black Friday, U.S. shoppers spent a record $9.8 billion online, a 7.5% increase from last year.

Amazon (AMZN-US) rose 0.74% in early trading to $147.82 per share

Amazon has agreed to a deal with a majority of Spanish workers’ unions to avoid a Cyber ​​Monday slowdown. Just 5,000 Amazon delivery workers will continue to protest, stopping work during the last hour of their shifts because they believe the company’s proposals to improve pay conditions do not go far enough, Douglas Harper, leader of Spain’s largest union CCOO, said.

Today’s key economic data:

• The monthly growth rate of building permits in the United States in October was revised to 1.8%, which was expected to be 1.1%, and the previous value was – 4.5%.
• The annualized total number of building permits in the United States in October was revised to 1.498 million, compared with the expected 1.487 million and the previous value of 1.471 million.
• The monthly growth rate of new home sales in the United States in October is expected to be -4.8%, compared with the previous value of 12.3%
• The annualized total number of new home sales in the United States in October is expected to be 721,000, compared with the previous value of 759,000.
• US November Dallas Fed manufacturing index expected – 16, previous value – 19.2

Wall Street analysis:

Axel Rudolph, senior market analyst at IG Group, said typically after Thanksgiving there tends to be some profit-taking due to lower trading volumes. But from a seasonal perspective, there’s usually a fairly bullish bias toward stocks toward the end of the year.

Ulrich Leuchtmann, head of foreign exchange strategy at Commerzbank, said there are not many fundamental reasons for the market to remain highly optimistic, and many clients are increasingly pessimistic about the outlook.