At the close of the New York stock exchange, the Dow Jones index fell by %0.52 to 46,358.42 points. Other major indices also followed a similar trend, with the S&P 500 index decreasing by %0.28 to 6,735.11 points, and the Nasdaq index dropping by %0.08 to 23,024.63 points. This decline created a negative atmosphere in the markets as the US federal government continued to remain closed due to budget disagreements.
Developments regarding ongoing budget discussions in the country are being closely monitored. In votes held today in the Senate, both Republican and Democratic party temporary budget proposals failed to gain enough votes. The federal government's closure is obstructing the announcement of critical data such as non-farm payrolls that could affect the Federal Reserve (Fed)'s interest rate cut process. Observed weaknesses in the labor market are supported by alternative indicators, while expectations for interest rate cuts continue to remain strong.
In its last meeting, the Fed lowered the policy rate to a range of %4 to %4.25, and the published minutes following this decision indicated that further easing could occur in the remainder of the year. New York Fed President John Williams emphasized the need for further rate cuts this year, pointing to weaknesses in the labor market.
On the other hand, Fed Board Member Michael Barr advocated for a cautious approach to interest rate cuts due to persistent inflation concerns. Fed Chairman Jerome Powell did not provide specific guidance on monetary policy in his speech today.
On the corporate front, PepsiCo gained %4.2 as its quarterly revenue and profit exceeded expectations. Similarly, Delta Air Lines shares rose by %4.2 after surpassing profit estimates. Retail giant Costco added %3.1 in value following strong sales figures for September, while Nvidia’s shares increased by %1.8 after receiving approval for exports to the United Arab Emirates.
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US stock markets, Dow Jones, S&P 500, Fed statements, PepsiCo, Delta Air Lines, financial news.