On Tuesday, the S&P 500 Index closed unchanged, the Dow Jones Industrial Average fell by 0.36%, and the Nasdaq 100 reached a new all-time high with an increase of 0.82%. December E-mini S&P futures dipped by 0.02%, while December E-mini Nasdaq futures rose by 0.79%. The market sentiment was buoyed as weaker crude oil prices, which fell over 1% to a three-week low, alleviated inflation concerns.
The September Richmond Fed manufacturing survey dropped to -2, its lowest level in seven months, below the expected figure of 2. This decline was attributed to comments from Boston Fed President Susan Collins and Richmond Fed President Tom Barkin, who expressed concerns over persistent inflation which may prompt further Fed tightening. Currently, there is a 53% market expectation of a 25 basis point rate hike at the next FOMC meeting scheduled for October 27-28.
Overseas, the Euro Stoxx 50 and China’s Shanghai Composite closed up by 0.108% and 0.067% respectively, while Japan’s Nikkei-225 was closed for a national holiday. Meanwhile, the Eurozone consumer confidence index fell to -16.5, indicating a greater decline than anticipated.
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