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The rupee fell 7 paise to trade at 84.47 against the US dollar in early trade on Thursday weighed down by a muted trend in domestic equities and strength of the American currency in the overseas markets. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said the latest <keyword id="20064878" type="General" weightage="20" keywordseo="Federal-Open-Market-Committee" source="keywords">Federal Open Market Committee</keyword> (FOMC) minutes reveal a significant shift in the Federal Reserve's outlook. The Fed is likely to put downward pressure on short-term interest rates, reducing the appeal of dollar-denominated assets and contributing to the decline in the Dollar Index. At the interbank foreign exchange, the rupee opened at 84.45 and moved in a tight range and touched 84.47 against the greenback, registering a fall of 7 paise over its previous close. On Wednesday, the rupee depreciated by 11 paise to close at 84.40 against the US dollar. "The 84.50 level remains a strong support for the USD/INR pair. <keyword id="23456490" type="General" weightage="20" keywordseo="RBI-interventions" source="keywords">RBI interventions</keyword>, coupled with anticipated capital inflows -- such as Godrej Properties' Rs 4,000 crore QIP and Univest's USD 16 million capital raise -- are expected to support the rupee further," CR Forex Advisors MD Amit Pabari said. Pabari further added that the USD/INR pair is likely to encounter resistance near the 84.50 mark, with expectations of trading within the 83.80 to 84.50 range, showing a slight downward bias. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.14 per cent at 106.22. Brent crude, the global oil benchmark, fell 0.18 per cent to USD 72.70 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex rose 68.21 points or 0.09 per cent to 80,302.29 in morning trade, while Nifty was up 34.20 points or 0.14 per cent to 24,309.10 points. Foreign Institutional Investors (FIIs) infused Rs 7.78 crore in the capital markets on a net basis on Wednesday, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/honda-activa-e-and-qc1-electric-scooters-unveiled-in-india-to-go-on-sale-in-2025/articleshow/115725242.cms" target="_self"></a> <a href="https://www.businessinsider.in/business/auto/news/honda-activa-e-and-qc1-electric-scooters-unveiled-in-india-to-go-on-sale-in-2025/articleshow/115725242.cms" target="_self">Honda Activa e and QC1 electric scooters unveiled in India, to go on sale in 2025</a><a href="https://www.businessinsider.in/tech/news/indias-pc-market-reaches-new-high-with-4-49-million-shipments-in-q3-2024/articleshow/115719599.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-reaches-new-high-with-4-49-million-shipments-in-q3-2024/articleshow/115719599.cms" target="_blank">India’s PC market reaches new high with 4.49 million shipments in Q3 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-chipset-launched-starting-at-59999/articleshow/115689685.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-chipset-launched-starting-at-59999/articleshow/115689685.cms" target="_blank">Realme GT 7 Pro with Snapdragon 8 Elite chipset launched starting at ₹59,999</a>

Rupee falls 7 paise to 84.47 against US dollar in early trade

<ul class="summary-list"><li>US stocks were lower Monday as investors braced for the US presidential election. </li><li>Record voter turnout is expected, with over 76 million early votes already cast.</li></ul>US stocks traded slightly lower on Monday as investors prepared for an action-packed week of events.All eyes are on the US Presidential election, with polls set to close Tuesday evening. So far, more than 76 million Americans have voted via mail-in ballots or via early in-person voting, suggesting potential record turnout this year. After <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-iowa-polling-lead-swing-states-2024-11">a shock Iowa poll showed Kamala Harris leading the state</a> against Donald Trump over the weekend, betting odds have tightened in the race after Trump spent the weeks leading up to the vote far ahead of Harris. For a full rundown of the implications for the economy and stock market based on who wins the election, read BI's deep dive on <a target="_blank" class="" href="https://www.businessinsider.com/election-preview-consumer-outlook-how-trump-harris-housing-taxes-2024-11">the potential impacts here.</a>After the election, investors will shift their attention to the Federal Reserve. The central bank's FOMC meeting is scheduled for Wednesday and Thursday, <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11">with an interest rate decision expected on Thursday.</a>According to the CME FedWatch Tool, markets see a 96% chance of the Fed cutting rates by 25 basis points.Investors will also pay attention to initial jobless claims and productivity data, set to be released Thursday morning.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,711.31, down 0.31%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,893.80, down 0.38% (-158.39)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,121.72, down 0.62%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/berkshire-hathaway-apple-stake-cut-quarterly-earnings-2024-11">Berkshire Hathaway trimmed its stake in Apple again. The conglomerate is now sitting of $325 billion in cash.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/us-oil-opec-crude-production-record-oil-prices-commodity-market-2024-11">The US is pumping more oil than ever, and it's complicating things for crude-exporting countries.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/nvidia-replace-intel-dow-jones-industrial-average-2024-11">Nvidia will replace Intel in the Dow Jones Industrial Average, and Sherwin-Williams will replace Dow.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/wall-street-election-predictions-professional-investor-survey-2024-11">Wall Street professionals expect Donald Trump to win the Presidential election, according to a new survey.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil rose 2.59% to $71.29 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 2.42% to $74.87 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> jumped 0.19% to $2,754.30 an ounce.</li><li>The 10-year Treasury yield declined 11 basis points to 4.284%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> decreased 0.17% to $68.627.</li></ul>

Stock market today: Indexes trade lower as investors brace for US election

<ul class="summary-list"><li>US stocks surged after the September jobs report exceeded expectations with 254,000 jobs added.</li><li>Economists predicted 150,000 jobs; unemployment fell to 4.1% from 4.2%.</li></ul>US stocks surged on Friday after <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">the September jobs report</a> blew past economist estimates.The US economy added 254,000 jobs last month, well ahead of economist estimates of 150,000 jobs. The strong job gains pushed the unemployment rate lower to 4.1% from 4.2%.According to ING chief economist James Knightley, the jobs report was "unambiguously strong.""On the face of this the Fed should be hiking rates with these sorts of figures, not cutting rates," Knightley said in a note on Friday.To that end, futures markets see little chance that the Federal Reserve will move ahead with another 50 basis point interest rate cut at its November FOMC meeting.The chances of a 50 basis point cut plunged to 10% after the jobs report was released, compared to 53% last week, according to the CME FedWatch Tool.Another strong aspect of the jobs report was wage gains, according to Capital Economics.There also appears to be something of a mini-resurgence in wage growth, with average hourly earnings increasing by 0.4% m/m, which was enough to push the annual growth rate up to 4.0%, a five-month high."There also appears to be something of a mini-resurgence in wage growth, with average hourly earnings increasing by 0.4% m/m, which was enough to push the annual growth rate up to 4.0%, a five-month high," Capital Economics' Paul Ashworth said.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,741.71, up 0.73% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,265.77, up 0.61% (+254.18 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,119.55, up 1.12%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/spirit-airlines-chapter-11-bankruptcy-billion-debt-restructuring-2024-10">Spirit Airlines stock plunged after a report said it was considering filing for bankruptcy.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/costco-starts-selling-platinum-bars-gold-silver-retail-success-2024-10">Costco is selling platinum bars for $1,089 as it diversifies its booming precious metals business.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10">Nvidia stock moved higher after CEO Jensen Huang said demand for its next-generation GPU chip is "insane."</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil was up 0.83% to $74.32 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 0.81% to $78.25 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was down 0.41% to $2,668.10 an ounce.</li><li>The 10-year Treasury yield was higher by 11 basis point at 3.963%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was higher by 1.31% to $61,544.</li></ul>

Stock market today: US stocks jump after blowout September jobs report

<ul class="summary-list"><li>US stocks traded mixed as investors looked ahead to the central bank's meeting minutes.</li><li>The release will offer more insight into what the Fed is thinking about monetary policy and inflation.</li></ul>US stocks were mixed early Wednesday as traders looked ahead to the minutes of the Federal Reserve's last policy meeting, which should give further guidance on the path of interest rates for the rest of the year. All three benchmark indexes traded slightly in the red, while bond yields were up slightly. Investors will be parsing through the Fed's latest meeting minutes later on Wednesday, which will give more insight into what central bankers are thinking about the economy and the trajectory of rate cuts this year and beyond. Monetary policy is in focus after an unexpectedly hot job report in September, fueling doubt over whether the Fed will issue another jumbo rate cut this year."The minutes of the last Federal Reserve meeting are due, and should be fascinating," Paul Donovan, the chief economist of UBS Global Wealth Management, said in a note. "The tone of the Fed minutes should not change expectations of further rate cuts—the Fed is still scrambling to catch up with inflation slowing in the US, and started cutting rates late. But expectations about the pace of easing may be set by the minutes."According to Pantheon Macroeconomics, the Fed is more likely to begin cutting rates in 25-basis-point increments rather than issuing another 50-basis-point rate cut."Even so, we still think the FOMC is putting undue emphasis on the current strength of the economy rather than the direction of travel and the lagged impact of earlier tightening still in the pipeline," economists at the research firm said in a note. "We expect a 25bp easing in November but think a soft run of jobs and activity data in Q4 and Q1 will soon have the Fed scrambling to avoid falling behind the curve."Central bankers will assess another jobs report and the September Consumer Price Index, which will be published Thursday morning, before making their next rate move. The inflation report will be a high-stakes data point for the Fed after the big September payroll report, with markets anxious that officials may have to turn their attention back to prices after pivoting to the labor market at their last meeting. Markets are pricing in an 88% chance the Fed will issue a quarter-point cut, while odds of another jumbo-sized cut have been slashed completely, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.Google parent Alphabet fell 1% in early trading as the US Department of Justice <a target="_blank" class="" href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.223205/gov.uscourts.dcd.223205.1052.0_1.pdf">indicated it could break up the tech giant</a>. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,752.93, up 0.06% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,194.38, up 0.27% (+114 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,150.47, down 0.18%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/fed-interest-rate-cuts-outlook-economy-recession-no-landing-borrowing-2024-10?_gl=1*i6n3nu*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyODQ3ODgzNS40MjMuMS4xNzI4NDgwNDc4LjMxLjAuMA..">The economy is facing a "no-landing" scenario</a> that could take away some relief from higher interest rates.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/mortgage-rate-increase-since-federal-reserve-cut-interest-rates-housing-2024-10?_gl=1*i6n3nu*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyODQ3ODgzNS40MjMuMS4xNzI4NDgwNDc4LjMxLjAuMA..">Fed rate cuts were expected to push mortgage rates lower</a>, but the opposite has happened.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stocks-q3-earnings-lower-rates-stocks-returns-outlook-bofa-2024-10">The bar for corporate earnings is low</a>. That's good news for stocks, as long as companies are feeling upbeat about rate cuts, according to Bank of America.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil dipped 2% to $72.06 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was fell 2% to $75.63 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slipped 0.39% to $2,612.00 an ounce.</li><li>The 10-year Treasury yield was about flat at 4.041%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> edged lower 0.8% to trade at $61,930.</li></ul>

Stock market today: US stocks trade mixed with Fed minutes and rate outlook in focus

<ul class="summary-list"><li>US stocks jumped to record highs on Wednesday. </li><li>Indexes hit fresh all-time highs ahead of the key inflation report for September due Thursday. </li></ul>US stocks jumped on Wednesday as traders looked ahead to coming inflation data and took in the minutes of the Federal Reserve's last meeting. All three benchmark indexes surged to end the day higher. The Dow Jones Industrial Average jumped more than 400 points to a record close, while the S&amp;P 500 also notched a fresh all-time closing high. Investors pushed past concerns about Google parent Alphabet to take the Nasdaq Composite 0.6% higher. The Department of Justice on Wednesday said it's considering breaking up the tech titan to remedy its status as a monopoly in the search engine space. Bond yields rose, with the 10-year Treasury yield up three basis points to 4.071%.Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,792.04, up 0.71% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,512.00, up 1.03% (+431 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,291.62, up 0.6% </li></ul>Investors have an eye on Thursday's consumer price index report, an inflation reading that will serve as a key input when the Fed meets to discuss its next rates move. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-cpi-inflation-september-jobs-report-bofa-2024-10">The stakes of the next inflation reading have risen</a> after the big September jobs number, and Wall Street could be in for some volatility in the event of an upside surprise, Bank of America said this week. Economists are expecting consumer prices to have risen 0.1% for the month and 2.3% year-per-year in September, slightly cooler than the increases recorded in August."The Federal Reserve appears to remain comfortable with where inflation is and trending," Josh Hirt, a senior US economist at Vanguard, said in a note. "Although inflation remains elevated, we do not see a material effect on the Fed's trajectory of rate cuts."Markets also gained some confidence over the path of rate cuts after the Fed released the minutes of its September FOMC meeting. Central bankers predicted inflation would fall to 2% by 2026, while risks to economic strength were "tilted to the downside."Some officials, though, said they would have preferred a 25 basis-point cut at the Fed's last meeting, while "a few others indicated they could have supported such a decision," the minutes said."[W]e think that FOMC is still spending too much time looking in the rear-view mirror, taking too much comfort from the recent strength of the economy, and not paying enough attention to leading indicators pointing to weakness ahead, and the likely lagged impact of earlier tightening," Oliver Allen, a senior US economist at Pantheon Macroeconomics, said in a note. "We expect the Fed to be acting for far more urgency to avert a significant slowdown around the turn of this year, as the economic data continue to head in that direction."Markets are largely expecting the Fed to cut rates by 25 basis points at their next two meetings, bringing the Federal funds rate range to 4.25%- 4.5% by the end of the year. According to the CME FedWatch tool, the odds for another jumbo-sized rate cut in 2024 have fallen to zero. Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/catastrophe-bonds-hurricane-milton-helene-florida-damages-insurance-loss-2024-10">Owners of catastrophe bonds are staring down big losses</a> as Hurricane Milton barrels toward Florida.</li><li>One of Wall Street's biggest bears is <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/wall-street-biggest-bear-jpmorgan-stock-market-outlook-interest-rates-2024-10">turning upbeat on the stock market for the first time in 2 years</a>.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-robotaxi-day-expectations-elon-musk-ai-fsd-tsla-2024-10?_gl=1*3hd80z*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyODUwMDAwMy40MjguMS4xNzI4NTAyMjcyLjYwLjAuMA..">Tesla is approaching its "most hyped" event in a decade</a> as the carmarker readies to unveil its robotaxi.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bond-king-bill-gross-bull-market-defensive-high-yielding-investments-2024-10">Billionaire "Bond King" Bill Gross recommends four defensive investments</a> for a bull market he sees losing steam.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-moscow-bank-transactions-sanctions-trade-china-singapore-2024-10">Russia has lost another banking partner</a> as more lenders turn their back on Moscow over fear of sanctions.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-anonymous-peter-todd-hbo-documentary-satoshi-nakamoto-crypto-2024-10">A new HBO documentary suggests bitcoin's creator is Canadian programmer Peter Todd</a>.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil traded slightly lower at 73.47 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, fell 0.5% to $76.79 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slumped 0.55% to $2,607.68 an ounce.</li><li>The 10-year Treasury yield edged up three basis points to 4.071%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> declined 2% to $60,91.</li></ul>

Stock market today: US stocks close at all-time highs ahead of key inflation update 

<ul class="summary-list"><li>US stocks rose to records on Monday after Federal Reserve Chair Jerome Powell's commented on the economy.</li><li>Powell emphasized the economy's strength and recalibrated interest rate cut expectations.</li></ul>US stocks rose on Monday, with the Dow and S&amp;P 500 closing at record highs as investors digested new comments from Federal Reserve Chairman Jerome Powell.All three major indexes moved higher in late trading following Powell's comments about the strength of the US economy."This is not a committee that feels like it's in a hurry to cut rates quickly," Powell said in a Q&amp;A chat with the National Association for Business Economics, discussing the strength of the broader economy."Overall, the economy is in solid shape," Powell said in his prepared remarks. "We intend to use our tools to keep it there."Powell's comments recalibrated interest rate cut expectations in the market.According to the CME's FedWatch Tool, markets now see a 35% chance of a 50 basis point rate cut at the Fed's November FOMC meeting, down from 53% on Friday."We are not on any preset course," Powell said. "The risks are two-sided, and we will continue to make our decisions meeting by meeting."Here's where US indexes stood at the 4 p.m. closing bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,762.48, up 0.4%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,330.15, up 0.1% (17 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,189.17, up 0.4%</li></ul>Aside from Fed comments, investors are preparing for a wave of employment data this week.Job openings data on Tuesday, the ADP employment report on Wednesday, initial jobless claims on Thursday, and the September jobs report on Friday are on the docket this week for investors to parse through.Economists expect about 145,000 jobs added to the economy in September, with the unemployment rate staying flat at 4.2%.Here's what else happened today:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/directv-dish-network-merge-form-pay-tv-titan-2024-9">DirecTV and Dish Network are combining to form a massive pay-TV provider.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/chinas-bond-traders-economy-outlook-fiscal-consumer-stimulus-property-crisis-2024-9">China's bond market seems skeptical that recent stimulus will be enough to revive its economy.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/housing-market-home-sales-mortgage-rates-home-prices-turnover-redfin-2024-9">US homes are turning over at the lowest rate in 30 years, according to data from Redfin.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/dockworker-strike-what-will-be-impacted-prices-inflation-martime-longshoremen-2024-9">A dockworker strike at shipping ports across the East Coast could occur on Tuesday, leading to potential supply chain disruptions.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-valuation-unjustifiable-even-after-70-drop-strategist-2024-9">Trump Media stock is down 70% since going public. One expert warns its $3 billion valuation is too rich.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil was higher slightly by 0.18% to $68.30 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was up 0.43% to $71.85 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was down 0.59% to $2,652.30 an ounce.</li><li>The 10-year Treasury yield was higher by 4 basis points at 3.795%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was lower by 3.18% to $63,527.</li></ul>

Stock market today: US indexes edge higher to records as Powell talks up strength of the economy

<ul class="summary-list"><li>The first-quarter GDP report surprised investors with disappointing growth, while consumer prices kept rising.</li><li>The provides the backdrop for stagflation, which can't be combated with rate cuts.</li></ul>The latest GDP and inflation readings were what investors were least eager to see, and could hint at serious trouble ahead. "This was a worst of both worlds report – slower than expected growth, higher than expected inflation," wrote David Donabedian, chief investment officer of CIBC Private Wealth US. First-quarter growth fell well behind estimates, rising at an <a href="https://www.businessinsider.com/gdp-gross-domestic-product-first-quarter-economy-growth-2024-4?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1c405xn*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxNDA1Mjk4My4zNDMuMS4xNzE0MDYwODk5LjYwLjAuMA..">annualized rate of 1.6%</a>, according to the <a href="https://www.bea.gov/data/gdp/gross-domestic-product" target="_blank">Bureau of Economic Analysis</a>. Not only is that far under forecasts of 2.5%, but it also fails to live up to the 3.4% increase achieved in the fourth quarter. While such a cooldown would usually bolster calls for interest rates to start easing, the report noted a hotter-than-expected rise in consumer prices as well. That puts serious limits on the Federal Reserve's ability to take action, as the central bank has made clear it needs inflation to climb lower before any rate cuts can happen. Stocks — which have long priced in those cuts — <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-q1-gdp-sp500-earnings-meta-microsoft-alphabet-2024-4" target="_blank">sold off sharply</a>. It's also bad news for the economy, as sputtering growth and higher prices are the key ingredients for stagflation, which is characterized by economic listlessness and stubbornly elevated inflation over a prolonged period. Such a scenario that can be even harder to combat than a <keyword id="6357558" type="General" weightage="20" keywordseo="recession" source="Orion">recession</keyword>, because of the dynamic outlined above: the Fed's hands are largely tied. America's last dalliance with stagflation came in the 1970s. The precedent can offer a glimpse into how the US economic picture could unfold, and makes it clear why economists are desperate to avoid a re-run. Early that decade, geopolitical disagreement prompted the OPEC coalition to restrict crude exports to the US, and energy <a href="https://cepr.org/voxeu/columns/wage-price-spirals-historical-evidence" target="_blank">prices rocketed</a> in response. With additional help from high government spending and the <a href="https://www.businessinsider.com/today-is-the-40th-anniversary-of-nixon-ending-the-gold-standard-2011-8">dollar's de-coupling from gold</a>, inflation surged into double digits, while the economy <a href="https://www.nber.org/research/data/us-business-cycle-expansions-and-contractions" target="_blank">tumbled</a>. The period was so tumultuous that it undid long-standing <a href="https://www.businessinsider.in/investment/news/keynesian-economics-a-depression-era-idea-thats-seen-a-resurgence-in-the-21st-century/articleshow/87594974.cms" target="_blank">macroeconomic theories</a>, and required the Fed to step up its role in the economy. In order to finally reign things in, then-Fed Chairman Paul Volcker was forced to raise interest rates a staggering 20%, calming price highs but throwing the US into a deep recession. It's for this reason current analysts <a href="https://www.businessinsider.com/what-is-stagflation-explained-oil-outlook-low-growth-high-inflation-2021-10">shudder at comparisons</a> to the period 50 years ago, and why stagflationary forecasts bear weight. JPMorgan's Jamie Dimon is among those who have recently made allusions to the stagflationary 1970s, warning that markets have become too cheerful about the state of the economy. "I worry it looks more like the '70s than we've seen before," the prominent bank chief <a href="https://fortune.com/2024/04/24/jpmorgan-jamie-dimon-economy-1970-stagflation-fear/" target="_blank">said at the Economic Club of New York</a> last week. His point — one he's asserted <a href="https://www.businessinsider.com/jamie-dimon-jpmorgan-economy-looking-like-1970s-stagflation-inflation-rates-2024-1?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1v016fo*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxNDA1Mjk4My4zNDMuMS4xNzE0MDY3NDAzLjI2LjAuMA..">on multiple occasions</a> — comes from the fact that fiscal spending has once again exploded, while the economy is poised to bear a number of inflation-drivers: from <a href="https://www.businessinsider.com/jamie-dimon-soft-landing-outlook-recession-inflation-jpmorgan-geopolitics-2024-4">green industrialization to global remilitarization</a>. But stagflation remains a long shot. Despite sticky-high inflation, markets continue to price in at least one rate cut this year. Further, Barclays analysts led by Pooja Sriram pointed out after the GDP report that final sales to domestic purchasers rose by enough to suggest "demand conditions remain strong." Friday's personal consumption expenditures report — viewed as the Fed's main inflation bellwether — will offer investors a clearer picture of where inflation is headed. If it goes higher, the Fed will have little choice but to become more tighten policy, according to Donabedian. "We are not far from all rate cuts being backed out of investor expectations. It forces Chair Powell into a hawkish tone for next week's FOMC meeting," he said.

The US economy may be barrelling towards stagflation, an outcome worse than recession

The rupee depreciated 7 paise to close at 81.81 (provisional) against the US dollar on Monday, tracking the strength of the American currency in the overseas markets and a muted trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 81.84 and later witnessed an intraday high of 81.74 and a low of 81.91 during the session. The domestic unit finally settled at 81.81 against the American currency, registering a fall of 7 paise over its last close. On Friday, the rupee depreciated 10 paise to close at 81.74 against the US currency. The rupee depreciated on weak domestic markets and a strong dollar. <keyword id="46756" type="General" weightage="80" keywordseo="fii" source="Orion">FII</keyword> outflows put downside pressure on the rupee, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. The US dollar gained amid hawkish tone by most <keyword id="127109" type="General" weightage="80" keywordseo="federal-open-market-committee" source="Orion">Federal Open Market Committee</keyword> (<keyword id="136502" type="General" weightage="80" keywordseo="fomc" source="Orion">FOMC</keyword>) members and concerns over rising COVID-19 cases in China, which dimmed hopes of reopening in China. Economic data from the US remained mixed. The US existing home sales declined to 4.43 million in October from 4.71 million in September but topped estimates of 4.41 million. "We expect the rupee to trade with a negative bias on strength in the US Dollar amid risk aversion in global markets. However, weak crude oil prices may support the rupee at lower levels. Traders may remain cautious ahead of the Federal Open Market Committee (FOMC) meeting minutes later this week," Choudhary said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.83 per cent to 107.81. Global oil benchmark Brent crude futures declined 0.76 per cent to USD 86.95 per barrel. On the domestic equity market front, the 30-share <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword> Sensex fell 518.64 points or 0.84 per cent to end at 61,144.84, while the broader NSE Nifty declined 147.70 points or 0.81 per cent to 18,159.95. <keyword id="6438315" type="General" weightage="80" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 751.20 crore on Friday, according to exchange data. Meanwhile, India's foreign exchange reserves rose by USD 14.72 billion to reach USD 544.72 billion for the week to November 11, making it the steepest accretion since August 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/gold-declines-rs-408-silver-drops-rs-594/articleshow/95659459.cms">Gold declines Rs 408; silver drops Rs 594</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/india-imports-23-4-lakh-tons-of-fertiliser-in-october/articleshow/95659109.cms">India imports 23.4 lakh tons of fertiliser in October</a>

Rupee falls 7 paise to close at 81.81 against US dollar

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> rallied for the fourth consecutive trading session on Friday and appreciated by 18 paise to settle at 83.11 (provisional) against the <keyword id="6368584" type="General" weightage="20" keywordseo="US-dollar" source="Orion">US dollar</keyword> on fresh foreign fund inflows and suspected intervention by the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders attributed the rally to Rs 2.11 lakh crore record dividend by the RBI to the government for the fiscal ended March 31. It was more than double the budgeted expectation, helping shore up revenue ahead of a new government taking office. At the interbank <keyword id="6368276" type="General" weightage="20" keywordseo="foreign-exchange" source="Orion">foreign exchange</keyword>, the domestic unit opened at 83.26 and moved in the range of 83.03 and 83.26 against the greenback during the session. The local unit finally settled at 83.11 (provisional) against the <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword>, registering a rise of 18 paise from its previous close. In the last four trading sessions the local unit has added 39 paise against the American currency. The forex market was closed on Thursday on account of 'Buddha Purnima'. On Wednesday, the rupee appreciated by 2 paise to settle at 83.29 against the US dollar. "The <keyword id="91748" type="General" weightage="20" keywordseo="indian-rupee" source="Orion">Indian rupee</keyword> gained on suspected intervention by the Reserve Bank of India (RBI). The RBI's Rs 2.11 lakh crore dividend to the government also boosted market sentiments. "Fresh FII inflows and a decline in crude oil prices also supported the rupee. The US dollar strengthened as markets trimmed rate cut bets amid hawkish US data and hawkish Federal Open Market Committee (FOMC) meeting minutes," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.22 per cent to 104.88. Brent crude futures, the global oil benchmark, slipped 0.70 per cent to USD 80.79 per barrel. "We expect the rupee to trade with a positive bias on positive domestic equities and overall weakness in crude oil prices. However, weak global markets and strong dollar on hawkish US data may cap sharp gains," Choudhary said. Traders may take cues from durable goods orders and revised consumer sentiment data from the US. USD-INR spot price is expected to trade in a range of Rs 82.80 to Rs 83.30, Choudhary added. On the domestic equity market front, benchmark equity indices scaled new peaks in intra-day trade before ending flat. The 30-share Sensex declined 7.65 points, or 0.01 per cent, to settle at 75,410.39 points, and Nifty fell 10.55 points, or 0.05 per cent, to close at 22,957.10 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 4,670.95 crore, according to exchange data.

Rupee jumps 18 paise to close at 83.11 against US dollar

<keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">Gold</keyword> prices declined by Rs 303 to Rs 49,571 per 10 grams in the national capital on Monday amid weak global cues and <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciation, according to <keyword id="103838" type="General" weightage="80" keywordseo="hdfc-securities" source="Orion">HDFC Securities</keyword>. In the previous trade, the yellow metal had closed at Rs 49,874 per 10 grams. <keyword id="35264" type="General" weightage="20" keywordseo="silver" source="Orion">Silver</keyword> also dipped by Rs 197 to Rs 57,090 per kilogram from Rs 57,287 per kg in the previous trade. The rupee appreciated 14 paise to 79.64 against the US dollar in early trade on Monday in line with its Asian peers and as the American currency retreated from its elevated levels. In the international market, gold was quoting lower at USD 1,662 per ounce, while silver was flat at USD 19.28 per ounce. "Gold prices extended loses as firm dollar and speculation ahead of <keyword id="1378847" type="General" weightage="80" keywordseo="us-fomc" source="Orion">US FOMC</keyword> meet has pinned down investment sentiments on expectations of larger rate hike," Tapan Patel, Senior Analyst (Commodities) at HDFC Securities, said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/101-fresh-cases-of-dengue-in-delhi-tally-rises-to-396/articleshow/94304334.cms">101 fresh cases of dengue in Delhi, tally rises to 396</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/iit-guwahati-starts-incubation-centre-to-help-its-students-turn-entrepreneurs/articleshow/94304823.cms">IIT Guwahati starts incubation centre to help its students turn entrepreneurs</a>

Gold falls ₹303; silver drops ₹197

<ul class="summary-list"><li>US stocks rose Monday as investors rebounded from the year's worst weekly decline.</li><li>The S&amp;P 500 fell over 4% last week after the August jobs report missed estimates.</li></ul>US stocks traded higher on Monday as investors attempted to rebound <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-worst-week-august-jobs-report-recession-fears-2024-9">from the worst weekly decline of the year.</a>The <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> dropped more than 4% last week, its worst weekly loss since March 2023, after the August jobs report failed to meet economist estimates.Looking ahead, investors will be focused on new inflation data, with the consumer price index report for August set to be released Wednesday morning.Average economist estimates suggest prices rose 2.6% year-over-year last month, a sizable drop from the 2.9% reading seen in July.According to Capital.com senior market analyst Daniela Hathorn, a light CPI reading could help determine how much the Federal Reserve cuts interest rates at its FOMC meeting next week.If CPI comes in at 2.6%, it would represent the lowest inflation reading since March 2021, and it would afford the Fed more flexibility to focus more on supporting employment growth than worrying about inflation."The disinflation process has stalled in recent months but if forecasts are right, the August drop could see expectations lean closer to a 50 basis point cut throughout this week, possibly giving risk assets another leg higher," Hathorn said in an email to Business Insider.The CME FedWatch Tool currently expects a 25 basis point rate cut from the Fed next week, with just a 25% chance for a 50 basis point cut.Investors will also turn their attention to <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-prediction-iphone-16-event-next-week-surprise-2024-9">Apple's iPhone 16 launch announcement</a> scheduled for later this afternoon, the <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-presidential-debate-preview-2024-9">Presidential debate between Kamala Harris and Donald Trump</a> on Tuesday evening, and the release of initial jobless claims Thursday morning.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,456.53, up 0.89% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 40,614.38, up 0.67% (_268.97 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 16,885.81, up 1.17% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-momentum-presidential-race-debate-polls-2024-9">Here's why the presidential race between Trump and Harris remains a virtual dead heat.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/stock-market-outlook-major-flaw-7-trillion-cash-bull-thesis-2024-9">There's a major flaw in the stock market's most bullish thesis.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/aging-world-population-stock-market-risk-jpmorgan-returns-valuations-growth-2024-9">A shrinking world population is bad news for the stock market, according to JPMorgan.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/10-us-cities-metros-housing-market-home-prices-texas-florida-2024-9">Home prices are falling the fastest in these 10 US cities, according to data from Realtor.com.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil increased 0.37% to $67.92 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, jumped 0.31% to $71.28 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was up 0.38% to $2,534.10 an ounce.</li><li>The 10-year Treasury yield was higher by 2 basis points at 3.732%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rose 0.93% to $55,389.</li></ul>

You Searched For "us fomc" and got 11 results

Rupee falls 7 paise to 84.47 against US dollar in early trade

PTI

Stock market today: Indexes trade lower as investors brace for US election

Matthew Fox

Stock market today: US stocks jump after blowout September jobs report

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Stock market today: US stocks trade mixed with Fed minutes and rate outlook in focus

Jennifer Sor

Stock market today: US stocks close at all-time highs ahead of key inflation update

Jennifer Sor

Stock market today: US indexes edge higher to records as Powell talks up strength of the economy

Matthew Fox

The US economy may be barrelling towards stagflation, an outcome worse than recession

Filip De Mott

Rupee falls 7 paise to close at 81.81 against US dollar

PTI

Rupee jumps 18 paise to close at 83.11 against US dollar

PTI

Gold falls ₹303; silver drops ₹197

PTI

Stock market today: US stocks rise as traders try to rebound after worst week of the year

Matthew Fox

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