Dow retreated 351 with some buying into the close, decliners over advancers 3-1 & NAZ sank 225. The MLP index sold off 4+ to the 218s, following oil's decline, & the REIT index fell 3+ to the 379s. Junk bond funds continued mixed & Treasuries were heavily purchased taking yields lower. Oil dropped 2+ (almost 1 year low) to the 74s & gold added 2 to 1779 (more on both below).
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Jamie Dimon warns inflation could drag US into recession next year: 'It could be a hurricane'
The stock fell 6.67.
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Gold futures staged a partial rebound, but held below $1800 an ounce, helped by some weakness in the $ & a pullback in Treasury yields after the metal's losses in the previous 2 sessions. Feb gold added $1 to settle at $1782 per ounce after posting back-to-back session declines. Gold rebounded a bit today from yesterday's correction, though settled below the key $1800 mark for a 2nd session in a row. The $ had been giving back some of yesterday's gains, with the ICE US Dollar Index touching a low of 104.89, to trade just above its lowest level since late Jun. The index, however, was up by 0.3% to 105.59 today. Meanwhile, the yield on the 10-year Treasury note eased back by nearly 4 points to 3.563%. Weakness in the $ tends to decrease the opportunity costs for investors considering $-priced gold as an option versus other perceived havens. Meanwhile, lower yields can raise the prospects for gold against gov bonds. The direction of yields & the $ is likely to remain the key driver for gold prices, with next week's Federal Reserve meeting the key catalyst when it comes to the next move in prices.
Gold prices score a partial rebound, but hold below key $1,800 level
Oil tallied a 3rd consecutive loss, with US. benchmark crude prices settling at their lowest level in nearly a year. Worries about more aggressive monetary tightening by the Federal Reserve rippled across markets despite concerns about the impact of the Group of Seven price cap on Russian oil imposed yesterday. West Texas Intermediate crude for Jan declined by $2.68 (3.5%) to settle at $74.25 a barrel. It marked the lowest finish for a front-month contract since Dec 23, 2021 Economic data released showed the US economy is still running hot creating scope for more interest rate hikes & downgrading short- to medium-term growth prospects; a scenario that would entail a drop in oil demand. Data released yesterday showed the US ISM service-sector index climbed to 56.5% in Nov from 54.4% in Oct, signaling that the domestic economy is still expanding at a steady pace. The data triggered red flashing signals the Federal Reserve may keep interest rates higher for longer, increasing the odds of a US recession.
U.S. oil futures end at lowest price of the year as worries about more Fed hikes rattle mar
Not much cheer for investors although bargain hunting in late day trading trimmed losses for the day. The threat of higher interest rates & that possible recession is scary for investors. Long term investors need to be brave. Dow Jones Industrials
