According to Yahoo News, US stocks experienced a dip on Friday as investors anticipated comments from Federal Reserve Chairman Jerome Powell. Powell was scheduled to speak at Spelman College at 11 a.m. and again at 2 p.m., following a week of mixed opinions from other central bankers.
Earlier in the week, Fed Governor Christopher Waller, who has previously been more hawkish, seemed to lean towards the possibility of rate cuts. In contrast, New York Fed President John Williams, known for his dovish stance, warned that another rate hike could still occur, despite recent signs of cooling inflation.
Markets began the new month after a strong November performance, driven by optimism surrounding a peak in the Fed's rate hikes. Last month, the Dow and S&P 500 rose approximately 9%, while the Nasdaq surged 10.7%. At the opening bell on Friday, the S&P 500 was down 0.24%, the Dow Jones Industrial Average was down 0.02% (7.89 points), and the Nasdaq Composite was down 0.46%.
In other news, ING Economics predicts that the Fed will cut rates six times in 2024. Additionally, Zillow has released six predictions for the housing market next year, covering affordability and property demand. Lastly, the economy is showing a concerning signal about consumer health, last seen before the 2008 crash.
