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Benchmark US indices closed higher on Wednesday, November 3, after the Fed said it would start tapering its covid-era asset-buying program this month.
The S&P 500 was up 0.65% to 4,660.57. The Dow Jones rose 0.29% to 36,157.58. The NASDAQ Composite rose 1.04% to 15,811.58, and the small-cap Russell 2000 was up 1.80% to 2,404.28.
On Wednesday, the central bank said it would completely withdraw its monetary stimulus program by 2022. The announcement comes after the end of its two-day meeting on Tuesday. The Fed ruled out an interest rate hike at this stage, reiterating the current high inflation is "transitory".
Meanwhile, the Commerce Department said new orders for US factory goods rose significantly in September, increasing by 0.2% to US$515.9 billion from a 1% jump in August.
Global Equity Markets trade on a mixed note
Basic materials and consumer discretionary stocks led gains on S&P 500 on Wednesday. Utilities and energy stocks were the bottom movers. Eight of the 11 stock segments of the index stayed in the green. Upbeat third-quarter earnings lifted the traders' confidence.
Bed Bath & Beyond (BBBY) stock jumped 19.22% a day after announcing its partnership with grocery operator The Kroger Co. (KR). The KR stock rose 4.79% in intraday trading.
Shares of CVS Health Corporation (CVS) rose 5.68% after reporting more than 8% YoY revenue growth to US$215.5 billion in Q3 2021. Its net income rose by US$368 million to US$1.58 billion. CVS raised its annual GAAP diluted EPS guidance after the results.
The Activision Blizzard, Inc. (ATVI) stock tumbled over 14% in intraday trading after reporting a delay in the release of its video games: Overwatch 2 and Diablo IV.
In the basic material sector, Dow Inc. (DOW) rose 1.45%, DuPont De Nemours, Inc. (DD) rose 4.21%, and Corteva, Inc. (CTVA) gained 4.93%. Nucor Corporation (NUE) and Amcor Plc (AMCR) gained 3.06% and 2.36%, respectively.
In consumer discretionary stocks, Amazon.com, Inc. (AMZN) rose 1.79%, Nike, Inc. (NKE) jumped 2.77%, and TJX Companies, Inc. (TJX) advanced 1.43%. Marriott International and Aptiv plc (APTV) gained 2.76% and 3.09%, respectively.
In the utility sector, NRG Energy, Inc. (NRG) gained 1.21%, NiSource Inc. (NI) rose 1.84%, and Alliant Energy Corporation (LNT) declined 1.10%. Edison International (EIX) and WEC Energy Group, Inc. (WEC) fell 1.94% and 1.46%, respectively.
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Image description: Basic materials and consumer discretionary stocks led gains on S&P 500 on Wednesday.
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Image description: Eight of the 11 stock segments of the S&P 500 index stayed in the green.
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Futures & Commodities
Gold futures were down 1.07% to US$1,770.25 per ounce. Silver increased by 0.17% to US$23.547 per ounce, while copper fell 0.41% to US$4.3483.
Brent oil futures decreased by 4.03% to US$81.31 per barrel and WTI crude was down 4.59% to US$80.06.
Bond Market
The 30-year Treasury bond yields was up 3.29% to 2.022, while the 10-year bond yields rose 3.76% to 1.605.
US Dollar Futures Index decreased by 0.22% to US$93.870.
