Stock market news live updates: November 30, 2022

US stocks edged higher in Wednesday’s session, continuing a sluggish start to the week as investors digested new economic data and awaited comments from Federal Reserve Chairman Jerome Powell.

The S&P 500 (^GSPC) fell 0.3% in early trade, while the Dow Jones Industrial Average (^DJI) was down 0.6%. The technology-heavy Nasdaq Composite (^IXIC) ticked up 0.2%.

Stocks edged lower on Tuesday despite concerns about China’s strict zero-COVID policy. US-listed Chinese shares rose for a third day this month as Beijing announced plans on Tuesday to accelerate vaccination of China’s elderly, raising optimism among investors amid nationwide protests to ease COVID restrictions .

The US dollar was weak early on Wednesday, while the yield on the benchmark 10-year Treasury note fell to 3.733% from 3.755% on Tuesday. In oil markets, global benchmark Brent crude (BZ=F) climbed 2.3% to $82.90 a barrel. WTI crude oil (CL=F) rose 2.6% to $80.25 a barrel on Wednesday.

For investors, however, all eyes will be on Federal Reserve Chairman Jerome Powell’s speech at the Brookings Institution on Wednesday afternoon, which will be the last before the Fed’s next rate-setting meeting in mid-December. But Andrew Tyler, head of US market intelligence at JPMorgan, wrote, “Investors are oscillating between a repetition of Jackson Hole and watching Powell reiterate the views of other recent fedspeak.”

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As the Fed attempts to meet its twin mandates of price stability and maximum sustained employment, it is widely expected that Powell will signal that the Fed is on track to slightly ease its pace of monetary policy tightening. Yes, there is a possibility of going down to 50. – Increase in base-numbers.

The speech comes less than two weeks before the release of consumer price data for November.

“At this point, all eyes will be on inflation,” Anthony Sacarro, president of Providence Financial & Insurance Services, told Yahoo Finance Live on Tuesday.

Ahead of Powell’s scheduled speech on Wednesday, US Secretary of State Janet Yellen stressed the merits of the Fed as an organization, saying they are “qualified people trying to make their best judgement.”

Earlier in the day, investors studied another wave of macroeconomic data. The ADP employment report showed private companies added 127,000 jobs for November, about 200,000 fewer than expected, in further signs of a cooling labor market.

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“Key turning points in the labor market can be difficult to capture, but our data suggests that Federal Reserve tightening is having an impact on job creation and wage gains,” ADP chief economist Nella Richardson said in a statement. “Also, companies are no longer in hyper-replacement mode. Fewer people are leaving and the post-pandemic recovery is stabilising.”

Also on the data front:

  • According to a government estimate, US GDP grew at an annual rate of 2.9% in the third quarter of 2022. The report also found that the personal consumption expenditure (PCE) index, which measures the price of consumer goods and services, rose 4.3% in the quarter, an upward revision of 0.1 percentage point. The PCE price index, excluding food and energy prices, rose 4.6%, also revised up 0.1 percentage point.

  • According to the Bureau of Labor Statistics’ Job Opening and Labor Turnover Survey (JOLTS) survey, US job openings in October decreased 10.68 million from the previous month to 10.33 million. Economists polled by Bloomberg expected job openings to rise by 10.25 million in the month.

  • Signed contracts to buy existing homes in the U.S. fell 4.6% in October, a fifth straight decline as higher rates hit demand, data from the National Association of Realtors showed Wednesday.

  • The Chicago Purchasing Managers’ Index (PMI) fell to 37.2, below expectations of 47.0, the lowest reading since June 2020.

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Finally, the Fed’s Beige Book, a survey of the Fed’s regional banks, will be released Wednesday afternoon.

On the earnings front, Salesforce (CRM), Five Below (Five), Okta, Inc. (OKTA), Snowflake (SNO), and Victoria’s Secret (VSCO) are set to report earnings on Wednesday.

CrowdStrike Holdings, Inc. (CRWD) shares sank more than 18% after the cybersecurity company missed forecasted quarterly revenue as customers cut spending and macroeconomic headwinds delayed purchases. DoorDash (DASH) is laying off about 1,250 people in an effort to cut costs, according to a Bloomberg report citing a memo from its CEO Tony Xu.


Dani Romero is a reporter for Yahoo Finance. follow him on twitter @daniromerotv

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