U.S. Stocks May See Further Upside Ahead Of Fed Announcement

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Wednesday, 13 December 2023 12:16:56 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Breaking: Price of Gold & Silver set to EXPLODE in 2023! Read Now... Attention investors and retirement savers...Investment experts and even mainstream news publications are predicting a windfall for gold and silver prices in 2023! This could be the year we see the value of precious metals like gold and silver EXPLODE! You won't want to miss out! [Reserve Your FREE Gold & Silver Kit Today!]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a slightly higher open on Wednesday, with stocks likely to see initial strength ahead of the Federal Reserve?s monetary policy announcement this afternoon. Stocks may continue to benefit from optimism about the outlook for interest rates, which has helped lift the major averages to their best levels in well over a year in recent sessions. With the Fed widely expected to leave interest rates unchanged, traders will look to the accompanying statement and projections for hints the central bank could be planning to pivot to cutting rates next year. ?The market remains steadfast in its belief that the Fed will cut rates as early as this spring, although the Fed may want to keep its options open if its campaign to quell inflation hasn't completed the more difficult 'last mile,'? said Quincy Krosby, Chief Global Strategist for LPL Financial. She added, ?The Fed statement in concert with the 'dot plot,' coupled with Powell's comments, should offer markets more clarity and hopefully less confusion over the Fed's path towards price stability.? Potentially adding to the positive sentiment, the Labor Department released a report showing producer prices in the U.S. unexpectedly came in flat during the month of November. After moving mostly higher over the past few sessions, stocks saw some further upside during trading on Tuesday. The major averages recovered from an early pullback and climbed firmly into positive territory as the day progressed. The major averages once again finished the session at their best closing levels in well over a year. The Dow climbed 173.01 points or 0.5 percent to 36,577.94, the Nasdaq advanced 100.91 points or 0.7 percent to 14,533.40 and the S&P 500 rose 21.26 points or 0.5 percent to 4,643.70. The strength on Wall Street came following the release of a highly anticipated Labor Department report showing U.S. consumer prices inched up in line with economist estimates in the month of November. The Labor Department said its consumer price index crept up by 0.1 percent in November after coming in unchanged in October. The uptick matched expectations. Excluding food and energy prices, core consumer prices rose by 0.3 percent in November after edging up by 0.2 percent in October. The increase in core prices also came in line with estimates. The report also said the annual rate of consumer price growth slipped to 3.1 percent in November from 3.2 percent in October, while the annual rate of core consumer price growth was unchanged at 4.0 percent. The data added to optimism about the outlook for interest rates ahead of the Federal Reserve's monetary policy announcement. Despite the advance by the broader markets, gold stocks showed a substantial move to the downside, dragging the NYSE Arca Gold Bugs Index down by 3.2 percent. The continued weakness among gold stocks came amid a slight decrease by the price of the precious metal, with gold for February delivery edging down $0.50 to $1,993.20 an ounce. Energy stocks also saw significant weakness on the day, as the price of crude oil for January delivery plunged $2.71 to $68.61 a barrel. Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index slid by 0.4 percent, while the NYSE Arca Oil Index and the NYSE Arca Natural Gas Index both fell by 1.3 percent. On the other hand, biotechnology stocks showed a notable move to the upside, driving the NYSE Arca Biotechnology Index up by 1.0 percent to a two-month closing high. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Labor Department released a report on Wednesday showing producer prices in the U.S. unexpectedly came in flat during the month of November. The report said the producer price index for final demand was unchanged in November after falling by a revised 0.4 percent in October. Economists had expected producer prices to inch up by 0.1 percent compared to the 0.5 percent drop originally reported for the previous month. The Labor Department also said the annual rate of producer price growth slowed to 0.9 percent in November from 1.2 percent in October. Year-over-year growth was expected to slow to 1.0 percent. At 10:30 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended December 8th. Crude oil inventories are expected to decrease by 1.5 million barrels after tumbling by 4.6 million barrels in the previous week. The Federal Reserve is due to announce its latest monetary policy decision at 2 pm ET, followed by Fed Chair Jerome Powell?s post-meeting press conference at 2:30 pm ET. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Stocks in Focus Shares of Pfizer (PFE) are moving sharply lower in pre-market trading after the drug giant forecast full-year 2024 revenues below analyst estimates. Electric vehicle maker Tesla (TSLA) may also move to the downside on news the company will recall more than 2 million vehicles to address an issue with the driver assistance system. Meanwhile, shares of Xponential Fitness(XPOF) are seeing significant pre-market strength after Stifel upgraded its rating on the boutique fitness franchisor to Buy from Hold. Video game company Roblox (RBLX) may also move to the upside after Wells Fargo initiated coverage of the company?s stock with an Overweight rating. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Europe European stocks have moved modestly higher on Wednesday ahead of the Federal Reserve's interest-rate decision due later in the day. While no change in interest rates is expected, Chair Jerome Powell's press conference and the Fed's dot plot of future policy trajectory accompanied by revisions to the summary of economic projections could offer more clarity on when the Fed could begin cutting rates. The U.K.?s FTSE 100 Index is up by 0.3 percent, the French CAC 40 Index is up by 0.2 percent and the German DAX Index is up by 0.1 percent. The British pound has weakened after data showed the U.K. economy contracted in October on widespread declines across services, production and construction sectors. Gross domestic product unexpectedly shrank 0.3 percent in October, partially offsetting growth of 0.2 percent in September, according to the Office for National Statistics. Analysts expected GDP to remain flat in the month. On a yearly basis, GDP expanded 0.3 percent, much weaker than the 1.3 percent growth logged in September and economists' forecast of 0.6 percent. In corporate news, Spanish clothes retailer Inditex has advanced after it reported strong holiday sales and lifting its FY23 margin outlook. British gambling group Entain has also moved sharply higher on news its chief executive Jette Nygaard-Andersen is stepping down with immediate effect. German chemicals giant BASF has also shown a strong move to the upside after UBS upgraded its rating on the stock to Buy. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks turned in a mixed performance on Wednesday after data showed U.S. inflation remained stubborn enough to delay any Federal Reserve rate cuts. Investors looked ahead to a report on U.S. producer inflation and this year's final policy decision from the Federal Reserve later in the day for additional clues on the Fed's rate trajectory. While no change in interest rates is expected, Chair Jerome Powell's press conference and the Fed's dot plot of future policy trajectory accompanied by revisions to the summary of economic projections will be in the spotlight. Market participants currently expect that the first Fed rate cut could come as early as May. The dollar was slightly higher in Asian trading, denting demand for gold. Oil extended overnight losses to touch six-month lows on concerns over waning demand and oversupply. Chinese shares fell sharply despite state media reporting that the government will step up policy adjustments to support an economic recovery in 2024. The benchmark Shanghai Composite Index slumped 1.2 percent to 2,968.76 due to disappointment over the lack of fresh stimulus measures from Beijing at the Central Economic Work Conference to revive the housing market. Hong Kong Kong's Hang Seng Index dropped 0.9 percent to 16,228.75, dragged down by property stocks. Japanese shares edged up slightly to extend gains for a third straight session on growing bets that the Bank of Japan will maintain its ultra-loose monetary policy until price increases are driven more by robust domestic demand and accompanied by stronger wage growth. Investors also cheered surprisingly upbeat results in the Bank of Japan's tankan survey of business sentiment. The Nikkei 225 Index rose 0.3 percent to 32,926.35, while the broader Topix Index settled marginally higher at 2,354.92. Chip-related stocks such as Advantest and Tokyo Electron topped the gainers list. Ushio jumped 12.3 percent after the maker of LED chips announced a tie-up with Applied Materials to develop technology for the advanced semiconductor packaging market. Seoul stocks declined, with the Kospi falling 1.0 percent to 2,510.66 as investors awaited cues from the Fed meeting. Battery makers LG Energy Solution and Samsung SDI both fell 3-4 percent. Australian markets rose modestly as gains among financials offset losses in the energy and gold mining sector. The benchmark S&P/ASX 200 Index rose 0.3 percent to 7,257.80, while the broader All Ordinaries Index gained 0.3 percent to close at 7,469.10. Healthcare provider Sigma Pharmaceuticals soared 36 percent after it agreed to a merger with Chemist Warehouse Group. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are climbing $0.60 to $69.21 a barrel after plunging $2.71 to $68.61 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $2,000.70, up $7.50 compared to the previous session?s close of $1,993.20. On Tuesday, gold edged down $0.50. On the currency front, the U.S. dollar is trading at 145.43 yen compared to the 145.45 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0793 compared to yesterday?s $1.0794. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49