Dow Jones, S&P 500 end lower, hitting pause on November rally
U.S. stocks closed lower on Monday, taking a breather from a powerful rally sweeping through the stock...
U.S. stocks closed lower on Monday, taking a breather from a powerful rally sweeping through the stock market in November. The Dow Jones Industrial AverageDJIA shed about 56 points, or 0.2%, to end near 35,333. The S&P 500 IndexSPX fell 0.2% and the Nasdaq Composite Index closed about 0.1% lower. U.S. stocks have staged a powerful rally this month, fueled by a sharp retreat in benchmark borrowing costs. The 10-year Treasury yieldTMUBMUSD10Y fell to 4.388% on Monday, the lowest in about two months, after briefly trading above 5% in October.
A major source of concern has been that higher borrowing costs might help the Federal Reserve tame inflation, but also derail the U.S. economy. With that in mind, investors will be keeping a close eye on economic data due this week, including the personal consumption expenditure index due on Thursday,a favored inflation gauge of Fed officials. The Dow was up 6.9% on the month through Monday, while the S&P 500 was 8.5% higher and the Nasdaq was on pace for a 10.8% monthly gain, according to FactSet.
The US is now producing more crude oil than ever—13.2 million barrels per day, per the Energy Information Administration, topping the pre-Covid peak of 13.1 million. That copious amount is nearly double the volume from a decade ago and up from the ~5 million produced when Obama entered the White House, Bloomberg’s Steven Dennis points out. The US is the world’s largest oil producer by a country mile, accounting for 21% of global oil production in 2022. Saudi Arabia is in second place, at 13%.
COP28, the year’s most important meeting on climate change, will begin in Dubai on Thursday. The two-week...
COP28, the year’s most important meeting on climate change, will begin in Dubai on Thursday. The two-week summit will be the first opportunity for nearly 200 countries to take stock of how they’re meeting (or not meeting) their emissions goals set forth in the 2015 Paris Agreement. The UN released a report in September showing most countries are falling short of their commitments, which, following the warmest summer globally on record, could give them a kick in the butt to buckle down.
🇳🇱“Dutch Donald Trump” wins big in the Netherlands
Europe’s rightward march gained momentum last week when Geert...
Europe’s rightward march gained momentum last week when Geert Wilders’s far-right People’s Party For Freedomwon a surprising majority in Parliament, opening the door for the anti-Islam, anti-immigration populist to become prime minister of the historically socially liberal Netherlands. Wilders has indicated he will dial back his hardline policy proposals (which include banning the Koran and mosques in the country) to gain the support from moderates he needs to become the country’s leader. But his victory is a microcosm of the significant gains made by the once-shunned far-right across Europe as residents express their discontent with surging migration, meager economic growth, and high inflation.
Israel–Hamas cease-fire holds as hostages and prisoners swapped
Israel and Hamas completed their ...
Israel and Hamas completed their third exchange on Sunday, which included the first release of an American hostage—a four-year-old girl. The swap, if completed today, would result in a total of 50 women and children hostages held by Hamas exchanged for 150 Palestinian prisoners held by Israel. The prime minister of Qatar, the country that brokered the deal, told the FT that efforts to extend the four-day cease-fire past Monday will depend on Hamas finding dozens of women and children hostages who are being held by civilians and gangs. In the US, three students of Palestinian descent were shot and wounded by a white man near Burlington, VT, Saturday night, according to police. Authorities are investigating the shooting as a possible hate crime
