New York stocks opened lower on the 1st ahead of a speech by Jerome Powell, chair of the U.S. Federal Reserve (Fed), and the release of several economic indicators.
As of 9:53 a.m. on the 1st (local time), the Dow Jones Industrial Average on the New York Stock Exchange (NYSE) was down 112.71 points, or 0.24%, from the previous session at 47,603.71.
The Standard & Poor's (S&P) 500 was down 27.13 points, or 0.40%, from the previous session at 6,821.96, and the Nasdaq was down 157.23 points, or 0.67%, at 23,208.46.
Powell is scheduled to speak at Stanford University on this day, and his remarks could be an important signal for the interest rate outlook. The market currently expects the Federal Open Market Committee (FOMC) meeting set for the 9th-10th to deliver a rate cut. According to the Chicago Mercantile Exchange (CME) FedWatch tool on this day, the probability that the Fed will cut the benchmark rate in December was tallied at 87.6%.
However, uncertainty has grown ahead of the scheduled economic releases. Starting with the ISM manufacturing index on the 1st, U.S. November ADP private employment on the 3rd and the U.S. personal consumption expenditures (PCE) price index on the 5th will be released.