U.S. stocks are attempting to rebound from early weakness following a mixed opening. The Nasdaq remains slightly lower, while the Russell and Dow futures have pushed into positive territory. Market sentiment is being shaped by the latest economic data, specifically the October JOLTS report, which showed job openings ticking up to 7.67 million. However, the quit rate has declined, signaling a potential cooling in the labor market.
In commodities, precious metals are showing strength with gold and silver rallying, while crude oil continues to slide. All eyes are now turning toward the Federal Reserve’s upcoming decision, where a 25 basis point rate cut is widely anticipated despite sticky inflation. Looking ahead, traders should prepare for Chinese inflation data tonight, followed by the Bank of Canada interest rate decision and U.S. employment cost data tomorrow morning.