Afternoon Note
Stocks are edging higher even as Fed officials are casting doubts about interest rate cuts. Fed Goolsbee and Fed Mester appear to believe the reaction was overblown. Yet, major indices hover near record levels as traders look ahead to the end of the year.
FED'S GOOLSBEE: I WAS CONFUSED A BIT WITH THE MARKET REACTION.
FED'S GOOLSBEE: THERE SEEMS SOME CONFUSION IN THE MARKETS TO HOW THE FOMC ACTUALLY WORKS.
FED'S GOOLSBEE: THERE'S NO CONTRADICTION BETWEEN WHAT FED'S WILLIAMS AND FED'S CHAIR POWELL SAID OVER THE PAST WEEK.
FED'S MESTER: THE NEXT PHASE IS NOT WHEN TO CUT RATES, EVEN THOUGH THAT’S WHERE THE MARKETS ARE AT - FT.
Mega caps, including Meta Platforms (META), Netflix (NFLX) and Alphabet (GOOG/L) are propping up the Communication Services sector.
On the economic front, NAHB Housing Market index at 37 from 34 prior vs consensus 37.
Traffic of prospective buyers and future sales drove improvement in the index, likely driven by expectations of lower interest rates in 2024.
FedEx (FDX) results after the close tomorrow. This will be the second most important news of the week.
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