Today’s Outlook:
• The Dow closed higher on Monday (11/12/23), extending recent gains as investors looked ahead to a crucial week of market-moving events including fresh inflation
data and the Federal Reserve’s two-day meeting slated for Tuesday. S&P 500 was up 0.3% and 30-stock Dow Jones Industrial Average gained 0.43%, with both indexes notching an intraday high. The tech-heavy Nasdaq Composite rose 0.20%.
• The Federal Open Market Committee is tipped to hold rates at their current range of 5.25% to 5.50% on Wednesday. Much of the focus will likely be the Fed’s
projections for the economy, inflation, and the number of cuts expected next year. The meeting will arrived on the heels on fresh consumer inflation data expected to show ongoing slowing in price pressures. Comments from Fed chair Jerome Powell will also be garnered for a potential push back on market expectations for a sooner rather than later rate cut.
• In the wake of last week’s jobs data and separate numbers showing the slowest annual rise in underlying price gains in two years in October, markets are now pricing in a nearly 50% chance of a quarter-point rate decrease in borrowing costs as soon as May, according to Investing.com’s Fed Rate Monitor Tool.
• COMMODITIES: Oil prices settled up slightly on Monday as OPEC+ production cuts failed to fully offset worries around crude oversupply and softer fuel demand growth next year. Brent crude futures settled up 19 cents, or 0.3%, to $76.03 a barrel while U.S. West Texas Intermediate crude futures settled up 9 cents, or 0.1%, at $71.32. Both contracts jumped more than 2% on Friday but were down for a seventh straight week, their longest streak of weekly declines since 2018, on lingering oversupply concerns.
Company News
• GOTO: TikTok Officially Joins GOTO
• AKRA: Targeting JIIPE Land Sales to Reach 130 Ha
• WTON: Record IDR5.1 Trillion New Contracts
Domestic & Global News
• Minister Bahlil Provides Jumbo Incentives to Launch CATL & LG Battery Project
• Palestinians Starve as Gaza War Rages Amid Fears of Exodus Into Egypt
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