US Equities Markets End Lower Tuesday as Fed Officials' Comments Trickle In

MT Newswires Live
13 Nov 2024

US benchmark equity indexes ended lower Tuesday as investors analyzed the latest remarks by Federal Reserve officials and a survey of consumers' inflation expectations.

* The US economy is in "a good place," while interest rates are off their recent peak and historic lows, Richmond Fed President Tom Barkin said. This puts policymakers in a position to "respond appropriately" irrespective of how the economy evolves, he said.

* Minneapolis Fed President Neel Kashkari said that the Federal Open Market Committee will be data dependent when determining whether to lower rates further at its next meeting in December. He said that the FOMC takes fiscal policy as an input and would not incorporate it until those policy decisions are known.

* US consumers' inflation expectations dropped "slightly" at the short-, medium-, and long-term horizons in October, according to a survey by the New York Fed.

* Official data are expected to show Wednesday that US consumer inflation rose 0.2% sequentially and 2.6% annually last month, according to a Bloomberg-compiled consensus.

* December West Texas Intermediate crude oil closed up $0.08 to settle at $68.12 per barrel, while January Brent crude, the global benchmark, was last seen up $0.13 to $71.96 even after OPEC again lowered its demand forecast for this year and next.

* Tyson Foods (TSN) surpassed top- and bottom-line expectations for its fiscal Q4 and issued guidance implying a slight cooldown in sales in the new year amid ongoing uncertainties with its beef business. The company's shares rose over 6%.

* Mosaic (MOS) shares fell 7.3% after its Q3 financial results failed to meet expectations.

Price: 62.47, Change: +3.66, Percent Change: +6.22

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