The S&P 500 rose on Monday, spurred by a rise in technology shares, to start a shortened holiday week. The broad market index climbed 0.5%. The Dow Jones Industrial Average advanced 133 points, or 0.3%. The Nasdaq Composite climbed 0.7%. Key stocks linked to artificial intelligence offered a boost to the broader market. Nvidia shares rose 1% after Reuters said the company is looking to begin shipments of its H200 chips to China by mid-February. Meanwhile, Micron Technology and Oracle climbed almost 2.5% and more than 1%, respectively. Wall Street is coming off a mixed week for the...
The Bank of Japan (BOJ) officially raised interest rates on Friday to their highest level in three decades. This move is a key part of the BOJ's efforts to end a long era of ultra-loose monetary policy and near-zero borrowing costs. As expected, the BOJ raised the short-term interest rate from 0.5% to 0.75% through a unanimous decision by policymakers. This increase underscores the BOJ's commitment to gradually normalizing its monetary policy. The market now awaits BOJ Governor Kazuo Ueda's press conference, scheduled for 3:30 p.m. local time, for further explanation and clues on the...
The Bank of Japan (BOJ) is expected to raise interest rates on Friday to a three-decade high, from 0.5% to 0.75%, signaling readiness for further increases beyond next year. This move demonstrates the BOJ's confidence that sustained wage increases will keep inflation around its 2% target, even as interest rates remain low by global standards. This hike is a key step in Governor Kazuo Ueda's efforts to normalize monetary policy in Japan, which has long been accustomed to extreme easing and near-zero interest rates. Markets are now focused on Ueda's post-meeting press conference for clues...
Federal Reserve Bank of Chicago President Austan Goolsbee said Thursday that recent inflation data is "good" and could pave the way for more interest rate cuts next year if the trend continues. "My view is that the settling point of rates is a fair bit below where it is today, and that by the end of next year we can, as long as we are hitting our marks on getting inflation back on path to 2%, I think that it's realistic that rates can come down a fair amount," Goolsbee stated in a Fox Business interview. Goolsbee was one of two officials who voted against the Fed's most recent rate cut. He...
Fed Governor Christopher Waller said Wednesday that the Fed is in no rush to cut interest rates, given the current outlook, according to Reuters. Key points: "The job market is very weak, job growth is not good right now." "The Fed's rate cuts have helped the job market." "2026 could be a better year for the economy, hopefully, that helps the job market." "Inflation is above target but should come down in the next few months." "Inflation expectations are under control." "We don't know yet what AI will do to the job market." "There won't be a reacceleration of inflation." "The job...