US stocks opened lower, the continuous upward momentum may come to an end.
On Thursday, the US stock market opened lower, signaling that the four-day streak of gains may come to an end, as investors continue to grapple with the lack of US economic data despite the end of the government shutdown. Chief Market Strategist at BMO Private Wealth, Carol Schleif, stated that the reopening of the government is a positive for the market. If the government resumes operations and economic data starts to be released, we would not be surprised by market volatility in the coming weeks. As the market dropped on Thursday, traders turned their attention to the December Federal Reserve meeting, with many reducing bets on a rate cut by the central bank. Schleif suggests maintaining interest rates stable for a period of time to balance inflation and employment risks. Bostonic also noted that inflation remains a clear risk for the US economy. Chief Market Strategist at Corpay, Karl Schamotta, commented: "With the end of the US government shutdown and the continued repricing of hawkish Fed expectations, the market is having trouble gaining momentum this morning."
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