{"id":36299,"date":"2023-11-21T20:34:22","date_gmt":"2023-11-21T20:34:22","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/wall-street-dips-gold-jumps-as-fed-minutes-reveal-cautious-policy-approach\/"},"modified":"2023-11-21T20:34:23","modified_gmt":"2023-11-21T20:34:23","slug":"wall-street-dips-gold-jumps-as-fed-minutes-reveal-cautious-policy-approach","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=36299","title":{"rendered":"Wall Street dips, gold jumps as Fed minutes reveal cautious policy approach"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Road signs are reflected on an electric board displaying the Nikkei stock average outside a brokerage in Tokyo, Japan, July 28, 2023. REUTERS\/Kim Kyung-Hoon<\/span>
\n<\/i>\n<\/div>\n

By Stephen Culp<\/p>\n

NEW YORK (Reuters) -U.S. stocks dipped on Tuesday and gold touched a two-week high while minutes from the Federal Reserve’s most recent meeting showed the central bank is “in a position to proceed carefully.” <\/p>\n

All three major U.S. stock indexes were lower, with the tech-laden Nasdaq down the most as investors await chipmaker Nvidia Corp <\/span><\/span> (NASDAQ:)’s results after the closing bell.<\/p>\n

The and the Nasdaq appeared set to snap their five-day winning streaks.<\/p>\n

“We’ve had a very sharp rally, and some profit-taking was probably overdue,” said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York. “A lot of traders want to take money off the table on a day like today ahead of the holiday.”<\/p>\n

The Fed’s minutes from its Oct. 31-Nov. 1 meeting showed the policy makers wrestling with conflicting signals and agreed to continue with caution after voting to leave the Fed funds target rate at 5.25%-5.50%.<\/p>\n

“(The minutes) confirm the statement from the last meeting and (Chairman Jerome) Powell\u2019s news conference afterward that the Fed is likely on hold for now,” Ghriskey added. <\/p>\n

“If inflation reaccelerated they would likely have to act, but absent that, we\u2019re in a period of higher for longer rates and we take them at their word for that.” <\/p>\n

On the economic front, existing home sales tumbled to their lowest level in more than 13 years as rising mortgage rates and low inventories kept potential homebuyers on the sidelines.<\/p>\n

The fell 84.7 points, or 0.24%, to 35,066.34, the S&P 500 lost 10.5 points, or 0.23%, to 4,536.88 and the dropped 87.66 points, or 0.61%, to 14,196.87.<\/p>\n

European shares closed nominally lower as banking stocks weighed ahead of the Fed minutes release.<\/p>\n

The pan-European index lost 0.09% and MSCI’s gauge of stocks across the globe shed 0.18%.<\/p>\n

Emerging market stocks rose 0.26%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.43% higher, while lost 0.10%.<\/p>\n

Benchmark Treasury yields oscillated, reversing an initial dip after the TIPS auction, then holding steady in the wake of the Fed minutes release.<\/p>\n

Benchmark 10-year notes last \/32 in price to yield 4.4218%, from 4.422% late on Monday.<\/p>\n

The 30-year bond last fell 6\/32 in price to yield 4.586%, from 4.575% late on Monday.<\/p>\n

The greenback inched higher against a basket of world currencies on growing expectations that the central bank will start cutting rates in early 2024.<\/p>\n

The rose 0.14%, with the euro down 0.24% to $1.0912.<\/p>\n

The Japanese yen strengthened 0.01% versus the greenback at 148.36 per dollar, while sterling was last trading at $1.2537, up 0.26% on the day. <\/p>\n

Crude prices pared earlier losses to settle nearly flat as investors looked ahead to Sunday’s scheduled OPEC+ meeting.<\/p>\n

dipped 0.08% to settle at $77.77 per barrel, while settled at $82.45 per barrel, up 0.16% on the day.<\/p>\n

Gold surged to a two-week high, and briefly broke through the $2,000 per ounce level on expectations that the Fed has reached the end of its tightening cycle.<\/p>\n

“Gold\u2019s been in a bit of a rally and part of that is geopolitical concerns and investors looking for a place to hide,” Ghriskey said. <\/p>\n

added 1.2% to $2,000.19 an ounce. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Road signs are reflected on an electric board displaying the Nikkei stock average outside a brokerage in Tokyo, Japan, July 28, 2023. REUTERS\/Kim Kyung-Hoon By Stephen Culp NEW YORK (Reuters) -U.S. stocks dipped on Tuesday and gold touched a two-week high while minutes from the Federal Reserve’s most recent meeting showed<\/p>\n","protected":false},"author":1,"featured_media":11874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-36299","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nWall Street dips, gold jumps as Fed minutes reveal cautious policy approach | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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