Stocks open mixed on Wall Street ahead of Fed, jobs news

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A woman wearing a face mask walks past a bank’s electronic board showing the Hong Kong stock index in Hong Kong on Tuesday, November 2, 2021. Asian stocks were mixed on Tuesday amid cautious trading ahead of a policy meeting of the US Federal Reserve. (AP Photo / Kin Cheung)

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Stocks got off to a mixed start on Wall Street Tuesday before more news this week on the Federal Reserve and the job market. The S&P 500 edged up 0.1% in the first few minutes of trading, and the Dow Jones Industrial Average and Nasdaq were little changed. Small business shares were down slightly after jumping a day earlier. The yield on the 10-year Treasury bill fell to 1.55%. Pfizer rose 1.3% after posting a strong earnings report. Tesla fell 1% after its CEO Elon Musk tweeted that an agreement to sell 100,000 cars to Hertz had yet to be signed.

THIS IS A CURRENT UPDATE. AP’s previous story follows below.

TOKYO (AP) – Global stocks were mixed on Tuesday amid cautious trading ahead of a US Federal Reserve policy meeting.

The French CAC 40 rose 0.2% to 6,904.57, while the German DAX gained 0.2% to 15,837.55. The UK FTSE 100 fell 0.5% to 7,254.78. The future of Dow Industrials fell less than 0.1% to 35,786.00. The contract for the S&P 500 was also little changed, slipping less than 0.1% to 4,604.00.

With inflation in the United States at its highest level in three decades, the US Federal Reserve is expected to start this week cutting back the extraordinary stimulus it has given to the economy since the pandemic recession struck early. from last year, a process that could prove to be a risky balancing act.

President Jerome Powell has signaled that the Fed will announce after its policy meeting on Wednesday that it will start cutting its $ 120 billion in monthly bond purchases as early as this month. These purchases aim to keep long-term loan rates low to encourage borrowing and spending.

In Asian trading, the Japanese benchmark Nikkei 225 fell 0.4% to close at 29,520.90. South Korea’s Kospi jumped 1.2% to 3,013.49. The Hong Kong Hang Seng lost 0.2% to 25,099.67, while the Shanghai Composite lost 1.1% to 3,505.63.

The Australian S & P / ASX 200 slipped 0.6% to 7,324.30 after the Reserve Bank of Australia kept its key interest rate move unchanged at an all-time high of 0.1%, but dropped indicated that it was preparing to cut some of its economic support measures.

Stocks rose as investors cheered on better-than-expected corporate earnings despite concerns about the impact of supply chain disruptions and rising inflation on businesses.

More than half of the companies in the benchmark S&P 500 have already published results. Analysts expect overall profit growth of 36% by the end of the report. 167 other companies in the index publish their results this week.

Pharmaceutical giant Pfizer will release its results on Tuesday and the CVS Health results update will be released on Wednesday.

In energy trading, benchmark US crude fell 9 cents to $ 83.96 a barrel in electronic trading on the New York Mercantile Exchange. It gained 48 cents to $ 84.05 on Monday. Brent crude, the international standard, rose 15 cents to $ 84.86 a barrel.

In currency trading, the US dollar fell to 113.66 Japanese yen from 113.98 yen. The euro cost $ 1.1604, compared to $ 1.1607.

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