In an attempt to build on the equity market’s four consecutive weeks of gains, Wall Street saw a fall in stock futures on Monday.
A 0.1% decrease, or 41 points, was seen in the Dow Jones Industrial Average futures. Both Nasdaq-100 futures and S&P 500 futures declined by 0.1%.
The three major averages on Wall Street had their fourth consecutive winning week. This is due to the fact that since the 10-year Treasury yield fell back from the 5% level it had temporarily reached in late October, equities have strengthened.
Despite cautions from several American shops that consumer spending is waning, the rally has occurred. When the holiday shopping season officially begins after Black Friday, traders will be watching for updates.
It’s possible that the Federal Reserve’s rate hikes are finally having an impact on the overall economy based on weak expenditure data.
According to a record-high percentage of consumers in the New York Fed’s most recent household survey, getting credit is now substantially more difficult. This is the expected outcome according to the textbook. The difficulty for customers to borrow money increases when the Federal Reserve hikes interest rates, according to a letter sent to investors on Sunday by Apollo Global Management senior economist Torsten Slok.
Source (CNBC)
