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The S&P 500 Index (SPX) is up 0.07% while the Dow Jones is down 0.43% and the Nasdaq 100 Index has gained 0.33% as of today. Key corporate transactions include Kimberly-Clark’s $40 billion acquisition of Kenvue, the maker of Tylenol, and Eaton’s $9.5 billion agreement to purchase Boyd’s thermal business. OpenAI announced a $38 billion purchase of AI computing power from Amazon, fueling ongoing AI market optimism.
Current market sentiment is influenced by a 3.1 basis points increase in the 10-year T-note yield, now at 4.109%. The Federal Reserve’s next meeting on December 9-10 is projected to have a 66% chance of a 25 basis point rate cut. Additionally, the October ISM manufacturing index fell to 48.7, below the anticipated 49.5, marking a period below the expansion threshold since March 2025.
International markets are mostly higher, with the Euro Stoxx 50 up 0.30% and Japan’s Nikkei 225 up 2.12%. As corporate earnings season progresses, 80% of S&P 500 companies reporting thus far have exceeded forecasts, although Q3 profits are anticipated to have increased by only 7.2% year-over-year—the smallest rise in two years.
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