Financial market news updates for November 1, 2023:
- U.S. stocks end mixed as investors weigh Fed’s next steps
U.S. stocks ended mixed on November 2, with the Dow Jones Industrial Average and S&P 500 closing lower, while the Nasdaq Composite closed higher. Investors were weighing the latest comments from Federal Reserve officials about the central bank’s next steps in its fight against inflation.
- Treasury yields fall as investors bet on slower Fed rate hikes
Treasury yields fell on November 2, as investors bet that the Federal Reserve may slow the pace of its interest rate hikes in the coming months. The yield on the benchmark 10-year Treasury note fell to 4.25%, down from 4.28% on Tuesday.
- Dollar weakens against major currencies
The US dollar weakened against major currencies on November 2, as the euro and Japanese yen rose. The dollar index, which measures the greenback’s value against a basket of six major currencies, fell 0.5%.
- Oil prices rise on supply concerns
Oil prices rose on November 2, as concerns about a tight supply outlook outweighed demand worries. Brent crude futures rose 1.5% to $97.50 per barrel, while WTI crude futures rose 1.3% to $92.50 per barrel.
- Gold prices rise on weaker dollar and inflation concerns
Gold prices rose on November 2, as the weaker dollar and inflation concerns boosted demand for the safe-haven asset. Spot gold rose 0.5% to $1,665.77 per ounce, while US gold futures rose 0.4% to $1,670.60 per ounce.
Here are some other notable financial market news updates for November 2, 2023:
- Bitcoin and other cryptocurrencies fall as investors await regulatory clarity
Bitcoin and other cryptocurrencies fell on November 2, as investors awaited regulatory clarity from the US Securities and Exchange Commission (SEC). Bitcoin fell 2% to $20,000, while Ethereum fell 3% to $1,500.
- European stocks close lower as recession fears mount
European stocks closed lower on November 2, as recession fears mounted in the region. The STOXX Europe 600 index fell 0.5%, led by declines in energy and mining shares.
- Asian stocks close mixed as investors weigh China’s economic outlook
Asian stocks closed mixed on November 2, as investors weighed China’s economic outlook. The MSCI Asia ex-Japan index closed flat, while the Shanghai Composite Index fell 0.3%.