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Nasdaq, S&P, and Dow tilt higher with Fed minutes in view

by Euro Times
November 23, 2022
in Business
Reading Time: 2 mins read
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Spencer Platt

Major market averages tilt higher on Wednesday as investors digested a rise in both jobless claims figures and durable goods orders ahead of Thanksgiving.

The Nasdaq Composite (COMP.IND) gained 0.2%, Dow (DJI) is higher by 0.2% while the S&P 500 (SP500) picked up 0.1%.

Volume is traditionally low as investors get a jump on holiday travel.

The 10-year Treasury yield (US10Y) was down 1 basis point to 3.73% and the 2-year yield (US2Y) was up 2 basis points to 4.53%.

The minutes of the last Fed meeting, where the FOMC hiked by another 75 basis points, arrive this afternoon.

“The Federal Reserve will be publishing the minutes of the last meeting, which raised rates by 0.75 percentage points in accordance with Fed Chair Powell’s relentless ‘hike, hike, hike’ tactic,” UBS’ Paul Donovan said. “There are signs that some members of the FOMC are questioning this Pavlovian policy, with comments hinting at a slowing in the pace of tightening.”

October durable goods orders jumped more than expected in October. Durable goods orders rose by 1.0% versus the forecasted 0.4% rise for the month.

“US October durable goods orders data comes as the slowdown in consumer durable goods demand is producing rapid price deflation,” Donovan said.

Weekly jobless claims rose by 17K to 240K compared to the 225K expected figure.

After the start of trading, October new home sales are on tap. Economists predict a drop in the rate to 570K. The final Michigan sentiment November figure is due at the same time.

Among active stocks, Deere is up after beating on the top and bottom lines.



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