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As on : 10-Oct-2024

Market Commentary - Foreign Markets
10-Oct-2024 12:48

US stocks continue to advance, inflation data in focus

The US stocks gained yesterday amid steady buying support as investors assessed the minutes of the Federal Reserve's most recent policy meeting and risk appetite generally remained good. The major equity averages all closed on an upbeat note, with the Dow and S&P 500 hitting fresh record highs. The Dow added 431.63 points or 1.03 percent at 42,512.00. The S&P 500 closed up 40.91 points or 0.71 percent at 5,792.04, while the Nasdaq settled higher by 108.70 points or 0.6 percent to 18,291.62. Markets are now looking ahead to the US consumer price inflation data which is due to be released later on today.

Meanwhile, a “substantial majority" of Fed policymakers supported an interest rate cut in September as they assessed that risks to the employment and inflation goals were almost in balance, the minutes of the latest rate-setting session showed on Wednesday. Given the significant progress made since the Committee first set its target range for the federal funds rate at 5-1/4 to 5-1/2 percent, a substantial majority of participants supported lowering the target range for the federal funds rate by 50 basis points to 4-3/4 to 5 percent, the minutes of the September 17-18 Federal Open Market Committee session, said.

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