Wall Street Opens Mixed Following a Week of Sharp Declines

Powell's remarks led to a spike in the 10-year Treasury yield. However, this morning, bond prices are falling.

Written by: Ignacio Teson • Monday, November 18, 2024 • 1 min read

Last updated: Monday, November 18, 2024

U.S. stock averages are trading mixed this Monday, far from the highs reached after Donald Trump’s election victory, following a week of declines.

The Dow Jones Industrial Average, which tracks 30 major companies, is down 0.29% at 43,321.32 points. Meanwhile, the S&P 500, encompassing 500 large-cap stocks, is up 0.4% at 5,894.61 points, and the tech-heavy Nasdaq Composite is gaining 0.48% to reach 18,769.97 points.

Last week, the major indices dropped by 1.2%, 2.1%, and 3.2%, respectively, following comments from Federal Reserve Chairman Jerome Powell. He signaled that future rate cuts would proceed cautiously, given the strength of the economy.

Powell’s remarks led to a spike in the 10-year Treasury yield. However, this morning, bond prices are falling as the market remains focused on the Fed, with bets that Trump’s policies could further drive up inflation.

The next major catalyst for the market this week will be Nvidia’s quarterly earnings report, scheduled for release on Wednesday after the market closes. The AI giant, down 1.36% in early trading, has become a driving force on Wall Street and the most valuable company in the sector.

SPX

In significant geopolitical news, the Global Alliance Against Hunger and Poverty, a key initiative led by Brazil, was launched this Monday at the G20 summit in Rio de Janeiro. The initiative aims to eradicate this “scourge” by 2030, with the support of 81 countries.

“It is the urgent responsibility of those present here, around this table, to eliminate this scourge that shames humanity,” said Brazilian President Luiz Inácio Lula da Silva during the opening of the summit of the world’s largest economies.

All G20 member countries signed onto the initiative, except for Argentina.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.