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  • Dec 16, 2024

Nasdaq closes at record as investors prepare for Fed rate decision

NEW YORK (Reuters) -The Nasdaq closed at a record high on Monday and the S&P 500 also rose as investors gauged the latest economic data while looking toward the Federal Reserve's final policy announcement of the year later in the week to gauge the path of interest rates. Markets have almost completely priced in a rate cut at the conclusion of the Fed's two-day policy meeting on Wednesday, with a 95.4% chance for a cut of 25 basis points (bps), according to CME's FedWatch Tool. "Maybe the market was a bit oversold last week and with almost a 100% likelihood that the Fed will cut on Wednesday, the only outstanding question is what kind of rhetoric, what kind of notes will investors get regarding guidance," said Sam Stovall, chief investment strategist of CFRA Research in New York.

  • Dec 16, 2024

Stock market today: Nasdaq hits a record as Wall Street drifts ahead of Federal Reserve's meeting

U.S. stock indexes drifted amid mixed trading Monday, ahead of this week’s upcoming meeting by the Federal Reserve that could set Wall Street’s direction into next year. The S&P 500 rose 0.4%, coming off its first losing week in the last four. The Nasdaq composite climbed 1.2% to a record, while the Dow Jones Industrial Average was a laggard and fell 110 points, or 0.3%.

  • Dec 16, 2024

Insurer stocks fall after Trump says 'we're going to knock out the middleman'

CVS Health's Caremark, Cigna's Express Scripts and UnitedHealth Group's Optum control the majority of the U.S. pharmacy benefit market, with their parent companies also operating health insurance and pharmacy businesses. Pharmacy benefit managers negotiate drug costs with pharmacies and drug manufacturers and help build drug coverage lists for health plans, mostly on behalf of employers and the government.

  • Dec 16, 2024

Oil Slips as Lackluster Chinese Data Weakens Outlook for Demand

(Bloomberg) -- Oil slipped as economic data from China reinforced concerns about weakening demand in the world’s biggest crude importer. Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxHow California Sees the World, and ItselfLondon’s Tube Fares Are Set to Rise by 4.6% Next YearWest Texas Intermediate edged 0.8% lower to settle below $71 a barrel, while Brent breached $74. China’s crude refining dipped to the lowest in five months in November, while apparent oil dem

  • Dec 16, 2024

Oil sags on soft Chinese spending, investor pause before US Fed rate move

Oil futures slipped from the highest levels in several weeks on Monday on weakness in consumer spending in China, the world's largest oil importer, and as investors paused buying ahead of the U.S. Federal Reserve's interest rate decision. Last week, oil benefited from the expectation that supply would tighten with additional sanctions on crude producers Russia and Iran, while possible lower interest rates in the U.S. and Europe would spur demand. "We feel that last week’s events have been appropriately priced and that this week will be bringing fewer items capable of supporting oil prices," said Jim Ritterbusch of consultancy Ritterbusch and Associates in Florida.

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