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Market Commentary - Foreign Markets
U.S. Stocks Pull Back Off Record Highs Ahead Of Inflation Data As on : 13-Nov-24  11:24

The Dow underperformed its counterparts, slumping 382.15 points (0.9%) to 43,910.98. The S&P 500 dipped 17.36 points (0.3%) to 5,983.99 and the tech-heavy Nasdaq edged down 17.36 points (0.1%) to 19,281.40.

Consumer price inflation report will be released on Wednesday while producer price inflation, retail sales and industrial production reports will attract attention in the later week.

Housing stocks moved sharply lower with the Philadelphia Housing Sector Index plunging by 2.7%. Steel stocks showed substantial weakness reflected by the 2.6% nosedive by the NYSE Arca Steel Index. Computer hardware stocks significantly moved downside, dragging the NYSE Arca Computer Hardware Index down by 2%. Telecom, biotechnology and gold stocks saw considerable weakness while software stocks notably moved upside.

Asia Pacific moved mostly lower on Tuesday. Japan's Nikkei 225 Index fell by 0.4% while China's Shanghai Composite Index slumped by 1.4% and Hong Kong's Hang Seng Index dove by 2.8%.

The major European markets significant moved downside. The French CAC 40 Index plunged by 2.7%, the German DAX Index tumbled by 2.1% and the U.K.'s FTSE 100 Index slid by 1.2%.

In the bond market, treasuries saw considerable weakness following the Veterans Day holiday on Monday. Subsequently, the yield on the benchmark ten-year note, moves opposite of its price spiked by 12.4 bps to a four-month closing high of 4.43%.

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