US Stock Market Unchanged Ahead of Thanksgiving
Date
11/20/2023 8:35:40 AM
(MENAFN- Your Mind media ) U.S. stock futures are relatively unchanged today as we enter the shortened Thanksgiving holiday week where Black Friday sales will test the pulse of the consumer-driven U.S. economy this week. This is coming after the major indices ended their third consecutive streak of positive performance, erasing an important part of the losses and nearing their peak highs from September. This performance was driven by a shift in sentiment due to a slowdown in U.S. inflation levels, leading markets to believe that the Federal Reserve may halt rate increases and potentially start cutting rates earlier next year. This change also raises the likelihood of a soft landing.
The real estate sector emerged as a strong-performing sector last week, buoyed by expectations of no further rate hikes and the possibility of early rate cuts. This could help lower mortgage rates, which have reached their highest point in over two decades, given the sector's sensitivity to interest rates.
Meanwhile, markets are evaluating the impact of the abrupt exit of OpenAI’s former CEO, Sam Altman, and other key executives on the future of the AI industry and its effect on technology stocks, particularly among large-cap companies like Microsoft. AI has played a crucial role in the growth and strong valuations within the semiconductor and technology sectors this year. Such a sudden development could influence market sentiment, although any impact might be transient, especially with rumors of a new CEO being appointed potentially. Additionally, Microsoft’s decision to appoint Sam Altman to its AI research department.
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