Stock Markets
U.S. stock market today declined on Tuesday after strong statistical data
The U.S. stock market today, which began an active trading session on Tuesday, finished the session in the red after the publication of strong macroeconomic statistics, which increased the likelihood of a more aggressive tightening of monetary policy by the U.S. Federal Reserve (FRS).
U.S. stock market analysis
- The Dow Jones Industrial Average decreased by 79.75 points (0.24%) to 32653.2 points.
- The Standard & Poor’s 500 index fell 15.88 points (0.41%) to 3,856.1 points.
- The Nasdaq Composite fell 97.3 points (0.89%) to 10890.85 points.
The ISM Manufacturing index of U.S. manufacturing activity fell to 50.2 points in October from 50.9 points a month earlier, Institute for Supply Management (ISM) data released Tuesday showed. The indicator updated to its lowest level since mid-2020, but managed to stay above the 50-point mark separating a slowdown from growth.
Meanwhile, the number of open jobs in the US unexpectedly increased by 437,000 to 10.717 million in September from 10.28 million in August. Experts on average expected a decline to 10 million, says Trading Economics.
The meeting of the Federal Reserve will be over on Wednesday evening. According to its results, the key interest rate will be increased again by 75 basis points, up to 3.75-4% per annum.
The data on the good state of the U.S. economy has put the market’s hopes that the Fed is signaling the likelihood of a slowdown in the rate hike in jeopardy, MarketWatch noted.
“The market has already put a 75bp hike this month and a 50bp hike next month into current quotations,” wrote Merlin Investor founder and head Petrelli, noting that if the Fed were to stick to that plan, the market would react positively; tougher measures do not yet appear necessary.
Market participants were also estimating the quarterly reports of the big American companies. As of Monday, 268 companies in the S&P 500 index had released their reports, and 73% of them exceeded analysts’ expectations for earnings per share, according to data from Refinitiv.
Earlier we reported that most European stock markets are trading negative.
By Arathy Somasekhar
HOUSTON (Reuters) -Oil prices edged higher on Friday and were on track for weekly gains as cold weather in Europe and the U.S. as well as additional economic stimulus flagged by China helped push prices in the previous session to their highest in more than two months.
futures were up 69 cents, or 0.9%, at $76.62 a barrel by 12:49 p.m. ET (1749 GMT) after settling on Thursday at the highest level since Oct. 25. U.S. West Texas Intermediate crude gained $1.11, or 1.5%, to $74.24.
Brent was on track for a 3.3% weekly gain, while WTI was set for a 5% increase.
Signs of Chinese economic fragility heightened expectations of policy measures to boost growth in the world’s top oil importer.
“China just is unceasing at this point in terms of their announcements about trying to stoke economic activity, and the market’s taking note of that,” said John Kilduff, partner at Again Capital in New York.
Worries about Chinese demand were a factor in bearish demand assumptions last year, he added.
China announced a couple of new measures to boost growth this week with a surprise move to raise wages for government workers and the announcement of a sharp increase in funding from ultra-long treasury bonds.
The additional funding is to be used to spur business investment and consumer-boosting initiatives.
Oil is likely to have gained some price support from expected increased demand for after forecasts for colder weather in some regions.
“Oil demand is likely benefiting from cold temperatures across Europe and the U.S.,” said UBS analyst Giovanni Staunovo.
Also supporting prices, stockpiles dropped by 1.2 million barrels to 415.6 million barrels last week, EIA data showed.
Meanwhile U.S. gasoline and distillate inventories jumped as refineries ramped up output, though fuel demand hit a two-year low.
Holding back prices however, the dollar was on track for its best week in about two months, even as it dipped on Friday, on expectations that the U.S. economy will continue to outperform its peers globally this year and that U.S. interest rates will stay relatively higher.
Higher rates increase borrowing costs, which can cut economic growth and demand for oil.
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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Investing.com — U.S. data centers are expected to significantly increase their electricity and water usage by 2028, driven by the rising adoption of AI technology, according to a U.S. Department of Energy report.
The report forecasts data center electricity demand to rise by 13-27% annually, reaching 325-580 terawatt-hours (TWh), or 6.7-12% of total U.S. demand, by 2028.
This marks a sharp increase from 176 TWh in 2023, with AI servers accounting for much of the growth. demand from AI servers alone is expected to grow 4-8 times, surpassing conventional servers by 2028.
Water usage, primarily for cooling, is projected to increase even faster, by 17-33% annually, reaching 145-275 billion liters by 2028. The study highlights a shift towards water-cooled chillers to accommodate the higher energy density of AI-driven data centers.
The DOE study, conducted by the Lawrence Berkeley National Laboratory, underscores the rapid transformation in data center infrastructure, with substantial implications for energy and resource planning in the U.S.
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