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November 21 (local time)
• New York Stock Exchange: Dow up 1.08%, S&P 500 up 0.98%, Nasdaq up 0.88%
• US 10-year Treasury yield: Down 4.20bp to 4.063% from previous session's 3 p.m. close
• US Dollar: Weaker against the yen and euro; Dollar Index fell 0.094 points (0.094%) to 100.157
• WTI crude: Down $0.94 (1.59%) to $58.06 per barrel from previous close
Market Overview
US equities rebounded across the board as dovish comments from New York Fed President John Williams sharply raised expectations for a rate cut in December.
Reports that the Trump administration is considering allowing some Nvidia GPU sales to China also supported investor sentiment, boosting risk appetite.
The Philadelphia Semiconductor Index surged over 2% intraday, with AI and semiconductor stocks leading gains.
Nvidia pared earlier steep losses to close down 0.97%. Alphabet rose 3.56%, Amazon 1.63%, Apple 1.97%, and Meta 0.87%. In contrast, Tesla fell 1.05% and Microsoft declined 1.32%, with some large-cap stocks underperforming.
US Treasury prices rose for a second consecutive session.
Following Williams' remarks, expectations for a December rate cut increased, driving buying in short-term Treasuries, particularly the 2-year note.
The US dollar weakened for the first time in six sessions.
With surging expectations for a Fed rate cut in December and ongoing comments from the Bank of Japan regarding a potential rate hike, the yen strengthened. The euro was mixed amid weak European data.
New York oil prices fell for a third straight session.
Amid reports of US efforts to broker an end to the war in Ukraine, WTI retreated to the low $58 per barrel range, hitting a one-month low.
Daily Focus
• "Big Cut" – Fed's Myron: "If my vote is decisive, I would support a 25bp cut"
• US BLS: "October CPI canceled"… November data to be released after FOMC (update)
• "Trump administration internally reviewing approval for Nvidia H200 sales to China" (update)
• BOJ Policy Board Member: "Rate hike is approaching… cannot specify timing"
Key Asian Indicators
▲ N/A – Japanese financial markets closed for 'Labor Thanksgiving Day'
US Indicators/Corporate Earnings
▲ 18:00 – Germany November IFO Business Climate Index
▲ 22:30 – US October Chicago Fed National Activity Index
▲ 00:30 (25th) – US November Dallas Fed Manufacturing Activity Index
▲ 01:30 – US Treasury auctions: 3-month and 6-month bills
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