Wall Street marked its fourth consecutive week in the green, despite reduced investor activity during the Thanksgiving holiday week.
The major U.S. stock indices are steadily approaching their all-time highs: The S&P 500 index is now just 6% away from its January 2022 peak of 4,818, while the Nasdaq is approximately 5% below its November 2021 high of 16,764.
Chart Of The Week
Sam Altman returns to Open AI: Sam Altman is set to resume his role as chief executive officer of OpenAI shortly after being dismissed just a week earlier. Benzinga reconstructed a timeline recounting the events of the OpenAI saga.
November's Fed minutes fail to make waves: There were no major surprises in the latest Federal Reserve minutes, with policymakers signaling that interest rates are already restrictive. The Fed indicated the need for further evidence of a decline in inflation. Markets have completely ruled out the possibility of a rate hike in December and are anticipating four rate cuts in 2024.
Israel-Hamas ceasefire begins: A temporary ceasefire in Gaza between Israel and Hamas was put into effect on Friday following extensive negotiations. The truce includes exchanging 50 hostages held by Hamas for 150 Palestinian prisoners in Israeli jails.
What To Watch In The Week Ahead: All eyes are on Thursday’s release of the October Personal Consumption Expenditure price index, the Fed’s favored inflation gauge. Economists expect a drop from 3.4% to 3.1% in the annual rate. Thursday also brings personal income and spending data. On Friday, watch for the ISM manufacturing PMI for November. Fed chair Jerome Powell will provide remarks at Spelman College in Atlanta on Friday.
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