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By Staff Reporters
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| U.S. equities ended the day and week higher following Thursday’s trading session, which posted the largest daily gain since 2020. Yesterday’s sharp rise came in the wake of a cooler-than-expected October consumer price inflation report, which seems to be curbing expectations regarding how aggressive the Fed could remain with its monetary policy tightening. The ongoing turmoil in the cryptocurrency markets kept sentiment in check after crypto exchange FTX.com voluntarily began Chapter 11 bankruptcy procedures. The bond markets were closed today in observance of the Veteran’s Day holiday, giving Treasuries a breather after yesterday’s plunge, while the U.S. dollar continued its fall. Crude oil prices were sharply higher, and gold gained modest ground. News on the equity front was focused on some tertiary earnings reports, with Toast Inc. posting a wider loss that expected, and Doximity beating on both the top and bottom lines, as well as announcing a new share repurchase program. The lone economic report for today showed that consumer sentiment for November deteriorated more than expected. Stocks in Asia rallied following yesterday’s gains in the U.S and amid news that China will relax travel restrictions, while European stocks ended the day mixed, tempering the previous trading session’s solid gains. |
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