US Stocks Lack Direction
US stocks swung between modest gains and losses on Thursday as traders assessed AI shares and corporate results, with bets on a Fed rate cut next month rising after the latest Challenger report.
According to the report, US companies announced the highest number of job cuts for any October in 22 years, driven by AI adoption and cost-cutting measures. This data boosted the probability of a 25bps rate cut in December to about 68%. Consumer staples and consumer discretionary lagged while energy and materials were the top performing sectors.
Qualcomm declined 1.4% after its intellectual property licensing revenue came in slightly below forecasts. Tesla fell 0.1% ahead of its annual shareholder meeting. Microsoft (-0.7%), Apple (-0.3%), Amazon (-0.4%), and Meta (-0.9%) were also in the red while Nvidia (0.8%) and Alphabet (+0.6%) booked gains.
Source : Tradingeconomics.com