Wall St ended slightly higher as positive Amazon results outweighed falling odds for a rate cut in December. Tech sector down overall yet the Nasdaq performed best up 0.61%. S&P 500 up 0.27%. Closing off highs on average volume. Dow up 41 points. Amazon up 9.6% (had been +13% after hours) took not just the Cyclicals sector up but the entire S&P by ~0.45%. Apple lost all its after hours gain to finish down 0.4%. Meta continued its slide. Now down nearly 14% since reporting. S&P (ex-Amazon) finishing in the red after Fed heads reinforced Powell’s hawkish commentary. Bostic saying another rate cut not locked in and Hammack saying she opposed Thursday’s cut because inflation is too high. Markets still pricing in a 70% chance of a cut before year’s end. Down from 90% at the start of the week. Bond yields down overnight but recorded a large weekly gain. US10Y up 8bp. 2Y up 9bp. Australian yields with even bigger moves post the Wednesday inflation print. AU10Y up 18bp. 2Y up 20.5bp.
SPI down 5 - WBC Results - RBA in focus tomorrow.
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