Philip Jefferson News

trade war fears rage on. Dow Jones futures are down as much as 3%, while Nasdaq is on track to fall another 3%. This came after China pledged additional tariffs on US goods in retaliation to Trump's reciprocal levies. US stocks fell sharply on Thursday too with S&P 500 plunging nearly 5%, its largest one-day percentage decline since June 2020.

Wall Street opened to an ocean of red as 10 stocks fell for each that rose, reported Daily Mail. By midday, the S&P 500 lost 4.37%, the Nasdaq declined by 5.59%, and the Dow Jones fell by 3.74%, sending all three major indexes on their way to their worst day since the pandemic, Daily Mail reported. For ordinary Americans, this market decline is not just a business news story, it's a personal hit to their retirement funds, such as 401(k)s, that depend on the market, according to the report. The massive decline in stock prices has erased trillions from the US stocks, Daily Mail reported.

Indian rupee closed marginally stronger on Tuesday despite weakness in most Asian currencies, with traders broadly expecting the rupee to see rangebound price action ahead of the outcome of India's national elections. The rupee ended at 83.3050 against the U.S. dollar, slightly higher than its close at 83.3350 on Friday.

₹73,892 per 10 grams around 11:20 am. Also Read: Silver prices up 18% year to date, can jump to ₹92k mark in 3 months; should you prefer silver to gold for investments? Experts expect gold prices to remain volatile in the near term. Kaynat Chainwala, senior manager of commodities research at Kotak Securities, pointed out that COMEX Gold prices pared gains after touching a fresh all-time high of $2454.2 per troy ounce on Monday.

Nasdaq closed at a record high on Monday and gold jumped to an all-time high as investors weighed hawkish statements from the Federal Reserve against evidence of cooling U.S. inflation. The tech-heavy Nasdaq led the three major U.S. stock indexes with a boost from chips, as Nvidia Corp advanced ahead of its closely watched earnings report, expected on Wednesday.

Federal Reserve Vice Chair Philip Jefferson suggested that the central bank’s key rate may have to remain at its peak for a while to bring down persistently elevated inflation

economy evolves broadly as expected, it will likely be appropriate to begin dialing back our policy restraint later this year," Fed Vice Chair Philip Jefferson told an event at the Peterson Institute of International Economics (PIIE) in Washington. The number two man at the US central bank said he still expects growth in spending and production in the US to slow in 2024. "Even so, without a clear understanding of why consumer spending has been so resilient, I see continuing strength in spending as an important upside risk to my forecast," he said.

By Howard Schneider

Investing.com — U.S. stock futures fell Tuesday, as investors returned to their desks after the long weekend, ahead of a deluge of key earnings this week. 

Investing.com — In the holiday shortened week ahead investors will be looking to the latest Federal Reserve minutes for any new insights on the direction of monetary policy. Earnings from chipmaker Nvidia (NASDAQ:NVDA) will be a critical test of the artificial intelligence fever that has helped power gains for U.S. stocks in recent months. Walmart (NYSE:WMT) kicks off earnings from the biggest U.S. retailers, Chinese markets return, and PMI data will shed light on the strength of the global economy. Here’s what you need to know to start your week.

By Michael S. Derby

by Sujata Rao and Tassia Sipahutar

Investing.com — In the coming week U.S. inflation data will be closely watched, along with comments from several Federal Reserve officials, which will help investors shape their views on the future path of interest rates. Retailers are due to report earnings against a background of persistent concerns over inflation and the economic outlook and oil prices look set to remain volatile. Here’s what you need to know to start your week.

By Marc Jones

Asian shares rose on Thursday as markets wagered that U.S. rates have peaked after more dovish remarks from Federal Reserve officials, while traders awaited the U.S. consumer inflation report later in the day for further monetary policy clues.

By Howard Schneider

Investing.com – Most Federal Reserve policymakers agreed that one more rate hikes would be «appropriate» and emphasized the need to keep interest rates higher for longer as inflation continues to trend well above the central bank’s 2% target, the Fed’s September meeting minutes showed Wednesday.      

Christopher Waller on Wednesday said higher market interest rates may help the Fed slow inflation, and let the central bank «watch and see» if its own policy rate needs to rise again or not. Waller, who has been among the most vocal advocates for higher interest rates to fight inflation, said price data seemed to now be moving back towards the Fed's 2% target, with financial markets adding further credit tightening of their own. «We're in this position where we kind of watch and see what happens on rates,» said Waller, who was interviewed by former Republican House Speaker and Wisconsin Congressman Paul Ryan at a high-profile GOP event in Utah. «The financial markets are tightening up and they are going to do some of the work for us...We are just keeping a very close eye on that.

Investing.com — The S&P 500 jumped Tuesday as investors continued to digest remarks from Federal Reserve officials hinting at another pause on rate hikes next month.

MUMBAI : Indian stock markets took cues from global stock markets to recoup all their losses of the previous day, as hopes of the Israel-Hamas war remaining confined to the Gaza strip caused a softening in crude prices, which was reinforced by Israel’s TA 35 Index trading up 0.9% at 1745 at the time of writing. Dovish comments by a senior Federal Reserve official also boosted sentiment. While FIIs remained sellers of a provisional ₹1,005.49 crore, DIIs purchased shares worth ₹1,963 crore.

Oct. 10 saw major Asian and European stocks surge higher owing to a wave of risk appetite.