Stocks had closed after the trading session mixed on Monday, but with a small change as the investors had geared up for a major US inflation reading and a full week packed with a lot of professional insight on how the consumers have been holding up in the face of the extreme borrowing costs.
The only index that was close in the green was the Dow Jones Industrial Average, which was up by 0.16% or above 50 points. That was the highest close that the index had reached since September 20.
The threshold S&P 500 and the tech-heavy NASDAQ Composite had closed down by approximately 0.1% and 0.2%, respectively.
Front of the mind would be the October Consumer Price Index report, which is due on Tuesday and is also a crucial input for the Fed towards its rate of interest decisions. Several comments from the officials of the Fed in the previous week had kept the door open for more hikes in the rates, which dampened the optimism for the easing of the tightening that had helped the buoy stocks. Adding further to these cautious tones were the concerns about the finances of the government of the United States after the changed outlook of Moody on its debut to become “negative” from “stable” and as yet another deadline for shutdown looms on Friday. Lawmakers have been lacking the will to solve such a fiscal crisis as the situation of the debt has become worse because of the high rate of interest, as per the warnings of the former official of the Fed, Bill Dudley.
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