US stocks continued to cool down yesterday. However, the USD index increased sharply after the Fed Chairman's speech, putting pressure on major commodities around the world.
The financial economic news shows situation US stocks November 14: At the end of the session, the Dow Jones index decreased by 0.47%, down to 43,750.86 points. The S&P 500 also decreased by 0.6% to 5,949.17 points and the Nasdaq Composite decreased by 0.64% to 19,107.65 points.
Mr. Powell sent a clear message that he was in no rush to cut rates and sounded optimistic about current market conditions. Traders also reduced expectations for a rate cut in December.
The US producer price index (PPI) in October increased by 0.2%, while the core PPI (excluding food and energy) increased more than expected.
In China, retail sales in October jumped 4.81% year-on-year – the strongest increase in eight months, beating analysts’ forecasts.
In addition, better profit margins helped steel mills produce more, on a monthly basis since May. Output rose to 8.88 million tonnes, up 6.21 million tonnes in September and 2.91 million tonnes higher than a year earlier, according to the National Bureau of Statistics.
This also means that the cumulative decline in output in the first 10 months of 2024 compared to the same period last year has shrunk to 3%, showing that China's steel industry is still on track to surpass 1 billion tons for 5 consecutive years, if calculated at the current pace.
The USD continued to rise strongly, at 3:00 p.m. on November 15, the USD index was around 106.6 points. The US 10-year bond yield slowed down a bit, but remained at 4.44%.
Economic and financial news about gold market, spot gold fell 0.1% to $2,570.05 an ounce in yesterday's session. Gold futures closed down 0.5% at $2,572.90.
Regarding the commodity trading market, WTI crude oil futures for December rose slightly to $68.70 a barrel. Brent crude also edged up slightly to $72.56.
