Better-than-expected retail sales dashed hopes of aggressive rate cuts
The Dow logged its third-straight loss as stocks fell across the board Wednesday after the 10-year Treasury yield hit a five-week high following better-than-expected economic data in the U.S. Specifically, retail sales rose 0.6% in November, hinting at consumers' resilience and casting doubt regarding the Federal Reserve's anticipated aggressive rate cuts.
Continue reading for more on today's market, including:
5 Things to Know Today
- With a government shutdown looming, U.S. President Biden is set to meet with Speaker Mike Johnson and Senate Majority leader Chuck Schumer to discuss his supplemental funding bill for aid to Israel and Ukraine. (CNBC)
- The Federal Aviation Administration (FAA) today said inspections of 40 Boeing (BA) 737 MAX 9 aircrafts have been completed. This marks the FFA's initial inspection of the aerospace jets following the Jan. 5 Alaska Airlines incident. (Reuters)
- Trade Desk stock could bounce thanks to bull signal.
- Another bank earnings report report to parse.
- Why UBS is bearish on this automotive giant.
Interest Rate Fears Send Gold Prices To 1-Month Lows
Oil prices gained Wednesday, even after the U.S. dollar stood near a one-month high and anxieties heightened over energy demand outlook. For the session, West Texas Intermediate (WTI) crude for the February contract added 16 cents, or 0.2%, to finish at $72.56 per barrel.
Dimming hopes of interest rate cuts sent gold prices to over one-month lows. February-dated gold lost $23.70, or 1.2%, to close at $2,006.50 per ounce today.