U.S. Stocks Cool Off While the USD Strengthens Following Fed Chair's Remarks

U.S. Stock Market Update on November 14:The Dow Jones Industrial Average dropped 0.47% to close at 43,750.86 points. The S&P 500 fell by 0.6% to 5,949.17 points, while the Nasdaq Composite declined by 0.64% to 19,107.65 points.

Fed Chair Jerome Powell delivered a clear message about not rushing to cut interest rates, expressing optimism about current market conditions. Traders have lowered their expectations for a Fed rate cut in December.

The U.S. Producer Price Index (PPI) for October rose by 0.2%, while core PPI (excluding food and energy) increased more than expected.

China's Economic Update:In China, October retail sales surged by 4.8% year-over-year, marking the strongest growth in eight months and exceeding analysts' forecasts.

Improved profit margins have encouraged steel mills to boost production on a monthly basis since May. According to the National Bureau of Statistics, production rose to 8.88 million tons in September, up 6.2% from August and 2.9% year-over-year.

The cumulative production decline for the first 10 months of 2024 has narrowed to 3% compared to the same period last year. At the current pace, China's steel industry remains on track to surpass 1 billion tons for the fifth consecutive year.

USD and Bond Yields:The USD continued to strengthen, with the USD Index hovering around 106.6 points at 3 PM on November 15. The U.S. 10-year Treasury yield paused its upward momentum but remained steady at 4.44%.

Gold Market:Spot gold prices fell 0.1% to $2,570.05 per ounce in yesterday’s session, while gold futures closed down 0.5% at $2,572.90.

Commodity Market:In the commodities market, WTI crude oil for December delivery rose slightly to $68.70 per barrel. Brent crude also edged up marginally to $72.56 per barrel.

Source: SFVN (Compiled)