US benchmark equity indexes concluded lower on Friday as market participants analyzed comments from Federal Reserve officials alongside recent economic data. Chicago Fed President Austan Goolsbee expressed optimism about policymakers meeting economic objectives, indicating that ongoing adjustments to monetary policy are feasible.
'To me, the conditions on the dual mandate side are looking pretty balanced. We should be thinking over the next year, year and a half, that rates need to come down,' he noted. Boston Fed President Susan Collins further contributed to the conversation, stating that a reduction in interest rates next month is 'certainly on the table, but it's not a done deal.' Concurrently, data released revealed that the probability of the Federal Open Market Committee lowering interest rates by 25 basis points has decreased to 62% from 72% just a day prior, while expectations for rates to remain unchanged rose to 38%.
In other economic developments, US retail sales experienced a larger-than-anticipated increase in October, bolstered by a surge in auto purchases, while the prior month’s figures were revised upward. However, US industrial production saw a decline for the second consecutive month, impacted by a resolved strike at Boeing and disruptions caused by two hurricanes.
In the commodities market, December West Texas Intermediate crude oil dropped by $1.68 to settle at $67.02 per barrel, with January Brent crude also reflecting a decrease on news of weak Chinese demand and a rise in US inventories. In company-specific news, Palantir Technologies shares surged 11% after announcing the transfer of its stock listing to the Nasdaq Global Select Market from the New York Stock Exchange, effective Nov.
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