A momentary pause was experienced by the United States stocks on Tuesday, with major equity indices remaining close to the neutral line as investors assessed the ongoing global events. Events include Political unrest in South Korea following the declaration of Martial Law by the President and China’s prohibition on essential raw material exports to the U.S.
Exchange-traded funds linked with Korea, like iShares MSCI South Korea ETF, saw a decline of 2.7% although, they were able to recover some losses from earlier in the day. By midday trading in New York, large-cap stocks maintained their positions to an extent while small-cap stocks lagged showing some major declines.
Market sectors traded within limited ranges, with communication services and energy sectors demonstrating slight performance. Meta Platforms Inc. distinguished itself as its shares increased by 2.1% and reached new all-time highs.
According to economic updates, U.S. job openings rose to 7.744 million in October, surpassing the anticipated figure of 7.48 million showing an improvement of 7.372 million in September. This data indicates continued strength in the labour market, which is ahead of the highly-anticipated November jobs report going to be released on Friday.
A decrease of 0.2% in the U.S. Dollar Index or DXY was witnessed, partially reversing Monday’s 0.6% reverse. Concurrently, Treasury yields remained stable, with the 10-year yield rising by 1 basis point to 4.20%. Precious metals also recorded slight gains as gold saw an increase of 0.3% whereas silver rose by 1.7%.
Following OPRC+’s confirmation of an extension in production cuts, the oil prices jumped by 2%, moreover, the U.S. imposed sanctions on 35 entities and vessels associated with illegal Iranian oil shipments that further played a role in strengthening the price of crude.
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