Boosted by Chip Stocks, Nasdaq Rises: US Retail Sales Data Strengthens Expectations for Fed Rate Cuts in Upcoming Meeting.

US Stock Market on October 17: The US stock market closed mixed on Thursday, October 17, with the Dow Jones hitting a new record while the S&P 500 slightly declined. At the close of the session, the S&P 500 dropped slightly by 0.02% to 5,841.47 points. The Nasdaq, boosted by chip stocks, rose by 0.04% to close at 18,373.61 points. The Dow Jones gained 161 points, or 0.37%, reaching 43,293.05 points.

US Jobless Claims and Retail Sales Data: Weekly initial jobless claims unexpectedly fell by 19,000 to 241,000, indicating a stronger-than-expected labor market compared to expectations of 259,000. Additionally, US retail sales in September rose by 0.4% compared to the previous month, beating the expectation of a 0.3% increase. Retail sales excluding autos rose 0.5%, also stronger than the 0.1% expectation.

US Industrial Production: US industrial output in September fell by 0.4% compared to the previous month, weaker than the expected 0.1% decline.

US Treasury Bonds: On October 17, the yield on the 10-year US Treasury bonds surged, reaching 4.096%.

Dollar Index: The US Dollar Index rose by 0.18%, reaching 103.77. The USD surged to a new 11-week high in the latest session after data showed that US retail sales increased in September, reinforcing expectations that the Federal Reserve might continue with rate cuts soon, as the world's largest economy remains resilient.

Gold Market: Global gold prices continued to rise, with spot gold climbing by $18.3 to $2,693.5 per ounce. Gold futures last traded at $2,706.8 per ounce, up by $16.5 compared to early Thursday. Gold hit a record high on Thursday, continuing to be driven by safe-haven demand amid concerns about the US presidential election and tensions in the Middle East. Increasing expectations that the US Federal Reserve will continue its monetary easing policy after a half-point rate cut last month also boosted gold prices.

Commodity Market: At the close of trading on October 17, oil prices edged up, supported by data showing a decline in US oil and fuel inventories. Brent crude oil rose by 23 cents, or 0.31%, to $74.45 per barrel. US WTI crude oil increased by 28 cents, or 0.4%, to $70.67 per barrel.

Precious and Base Metals: Silver futures for December 2024 delivery fell by 0.6%, settling at $31.774 per troy ounce. Platinum for January 2025 increased by 0.3%, reaching $1,005.8 per troy ounce. Copper for December 2024 fell by 1%, dropping to $4.325 per pound.

Source: Compiled from various reports.