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Market Review

US: U.S. stocks closed lower on Thursday, snapping the longest winning streaks for the Nasdaq and S&P 500 in two years, as Treasury yields climbed after a disappointing auction of 30-year bonds and comments from Fed Reserve Chair Jerome Powell.

Asia: Most Asian stocks fell on Friday tracking hawkish signals on U.S. interest rates, while weak earnings from industry majors including Softbank and SMIC weighed on broader technology stocks.

India: Benchmark stock market indices opened marginally lower on Thursday as FMCG shares slipped in early trade.The S&P BSE Sensex was down 41.44 points at 64,874.50 at around 9:50 am, while the NSE Nifty 50 fell 33.90 points to 19,409.60. Market is expected to open gap down and likely to witness profit booking during the day

Global Economy: The number of Americans filing new claims for unemployment benefits edged down last week, signaling that layoffs remain low even as the still-strong job market shows some signs of cooling.Initial claims for state unemployment benefits fell 3,000 to a seasonally adjusted 217,000 for the week ended Nov. 4 from an upwardly revised 220,000 in the prior week

Stocks sold off in US after Federal Reserve Chair Jerome Powell said the central bank is “not confident” it has done enough in the battle against inflation. “The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 percent over time; we are not confident that we have achieved such a stance,” he said in prepared remarks at an International Monetary Fund event.

Commodities: Gold prices were flat on Friday and on track for their worst week in more than a month, weighed down by a stronger U.S. dollar and Treasury yields after hawkish remarks from Federal Reserve Chair Jerome Powell. Oil prices inched lower in Asian trade on Friday, and were headed for a third straight week of steep losses as persistent concerns over slowing demand and resurgent fears of rising U.S. interest rates battered crude markets.

Currency: The dollar was headed for its best week against the yen in three months on Friday, after Federal Reserve Chair Jerome Powell and a chorus of Fed officials poured cold water on market expectations of a peak in U.S. rates.

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