On Thursday, the stock markets had a lackluster session as traders eagerly awaited more clues on monetary policy from Fed Chair Jerome Powell. Powell is scheduled to deliver live remarks at 2:00 p.m. in Washington. In other Fed-related comments, Richmond Fed President Thomas Barkin emphasized the need for an economic slowdown to complete the disinflation process and reach the 2% target.
Meanwhile, Bitcoin experienced a volatile ride, surging as much as 6.5% at 10:00 a.m. but nearly erasing its gains by noon in New York. Jitters returned to the Treasury market, with yields surging significantly on the long end of the curve. The thirty-year yield increased by 11 basis points to 4.73%, while the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) declined by 1.5%.
The S&P 500 is currently on an eight-day winning streak, while the Nasdaq 100 has risen in each of the last nine sessions.
In Thursday’s trading, the S&P 500 remained around parity, while blue-chip stocks in the Dow Jones were slightly lower. The tech-heavy Nasdaq 100 saw a slight increase of 0.1%, while small caps fell by 0.2%.
Moving on to index performance on Wednesday, the Nasdaq 100 was up 0.09%, the S&P 500 Index was down 0.03%, the Dow Industrials were down 0.08%, and the Russell 2000 was down 0.19%.
In major US equity ETFs, the SPDR S&P 500 ETF Trust (NYSE:SPY) remained flat at $437.37, the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) held steady at $341.12, and the Invesco QQQ Trust (NASDAQ:QQQ) rose 0.15% to $373.
Looking at S&P 500’s sector ETFs, the Communication Services Select Sector SPDR Fund (NYSE:XLC) was the top performer, up 0.7%, while the Health Care Select Sector SPDR Fund (NYSE:XLV) was the laggard, down 1.5%.
In terms of upcoming economic data, the Labor Department reported that weekly jobless claims were 217,000 for the week ending November 4, slightly lower than the previous week but in line with expectations. The Treasury will also hold auctions for four- and eight-week bills, as well as 30-year bonds.
Stocks in focus include Walt Disney Company (NYSE:DIS), which rallied over 7% following its fourth-quarter earnings report, and various other stocks moving on earnings news such as Affirm Holdings, Inc. (NASDAQ:AFRM), HubSpot, Inc. (NYSE:HUBS), AMC Entertainment Holdings, Inc. (NYSE:AMC), and more.
In commodities and bonds, crude oil rose 0.6%, with a barrel of WTI-grade crude trading at $76. Treasury yields also saw a slight increase, with the 10-year yield up by 8 basis points. The dollar remained steady and European equity indices had a positive session. Gold and silver prices also saw gains, while Bitcoin was 2.2% higher.
