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On November 13, 2023, stock indexes in the U.S. saw declines, with the S&P 500 down -0.49%, the Dow Jones down -0.50%, and the Nasdaq 100 down -0.46%. This trend comes ahead of significant economic reports and Nvidia’s earnings announcement on Wednesday. The markets are anticipating a 41% chance of a -25 basis point rate cut by the Federal Reserve in December.
Q3 earnings season is nearing completion, with 460 out of 500 S&P companies having reported, showing a remarkable +14.6% growth that exceeds initial projections of +7.2%. Additionally, the U.S. economic schedule this week includes various key indicators, such as Tuesday’s ADP weekly employment report and Wednesday’s MBA mortgage applications.
International markets are also facing downturns, with the Euro Stoxx 50 dropping -0.75% and China’s Shanghai Composite falling -0.46%. On the bond market, the 10-year U.S. Treasury note yield decreased to 4.133%, while European bonds saw yields lower, with the 10-year German bund down to 2.710%.
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