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World stocks steadied near two-month peaks on Friday and Treasury yields briefly touched two-month lows as investors held fast to the belief that U.S. interest rates have peaked and might even fall next year.

But a reality check came when Federal Reserve Bank of Boston President Susan Collins said on Friday that while evidence is growing that inflation is easing, she was not yet ready to rule out more rate hikes should they be needed.

That put a damper on Wall Street. The Dow Jones Industrial Average and the Nasdaq Composite finished flat, and the S&amp;P 500 was up just 0.13%.

Despite sluggishness on Wall Street, MSCI's gauge of stocks across the globe added 0.34%, helped in part by European shares that rallied 1%.

In line with U.S. rate expectations, the dollar index fell 0.48%, and was on track for one of its steepest weekly declines this year. A falling dollar helped the yen to strengthen sharply to trade below 150 per dollar.

Oil prices rebounded from a four-month low, with U.S. crude and Brent jumping 4% on the day.

A softer tone to U.S. economic data this week has fueled rate-cuts bets, pushing Treasury yields down and lifting equity markets.

November so far has seen one of the strongest performances for stock markets this year, with MSCI's world stock index and the S&amp;P 500 index both up more than 7%.

"We're still in this environment where we are late cycle and flirting with the idea of whether we go into a recession or not," said Justin Onuekwusi, chief investment officer at investment firm St. James's Place.

"This is the key reason why central bank expectations have become a key driver to risk and right now it's hard to look beyond near-term."

BOND BULLS OUT

Global bond markets were in a bullish mood.

The steep decline in U.S. Treasury yields since the start of November continued on Friday with the benchmark 10-year note yield briefly falling to a two-month low.

Later, the yield on the benchmark 10-year note was little changed at 4.439%, from 4.445% late on Thursday, and the two-year note was last up 6.1 basis points to yield 4.9025%, from 4.842%.

The gap widened between yields on two- and 10-year Treasury notes , an indicator of expectations the economy is slowing. The curve inversion was around -46.0 basis points on Friday, compared with -38 basis points the day before, and remains near its deepest point since early October.

Rate-sensitive two-year bond yields in Germany and Britain fell to their lowest levels since June , with money markets now pricing in roughly 100 basis points worth of rate cuts in the United States and the euro area.

In Asia, shares outside Japan eased 0.45%, while Japan's Nikkei closed up 0.48%, firming about 3% for the week, helped by the Bank of Japan's reassurance that it was sticking with its super loose policy.

Chinese blue chips fell 0.12%, having missed on the general rally so far this week.

Sentiment in Asia had been supported by the apparent easing of U.S.-China tensions, with the Chinese press lauding the meeting between President Xi Jinping and President Joe Biden.

Gold was unchanged at $1,980.17 an ounce.

Stocks steady, bonds in euphoric mood on bets of peak rates

The Dow Jones Industrial Average and the Nasdaq Composite finished flat, and the S&P 500 was up just 0.13%.

World stocks steadied near two-month peaks on Friday and Treasury yields briefly touched two-month lows as investors held fast to the belief that U.S. interest rates have peaked and might even fall next year.

But a reality check came when Federal Reserve Bank of Boston President Susan Collins said on Friday that while evidence is growing that inflation is easing, she was not yet ready to rule out more rate hikes should they be needed.

That put a damper on Wall Street. The Dow Jones Industrial Average and the Nasdaq Composite finished flat, and the S&amp;amp;P 500 was up just 0.13%.

Despite sluggishness on Wall Street, MSCI's gauge of stocks across the globe added 0.34%, helped in part by European shares that rallied 1%.

In line with U.S. rate expectations, the dollar index fell 0.48%, and was on track for one of its steepest weekly declines this year. A falling dollar helped the yen to strengthen sharply to trade below 150 per dollar.

Oil prices rebounded from a four-month low, with U.S. crude and Brent jumping 4% on the day.

A softer tone to U.S. economic data this week has fueled rate-cuts bets, pushing Treasury yields down and lifting equity markets.

November so far has seen one of the strongest performances for stock markets this year, with MSCI's world stock index and the S&amp;amp;P 500 index both up more than 7%.

&quot;We're still in this environment where we are late cycle and flirting with the idea of whether we go into a recession or not,&quot; said Justin Onuekwusi, chief investment officer at investment firm St. James's Place.

&quot;This is the key reason why central bank expectations have become a key driver to risk and right now it's hard to look beyond near-term.&quot;

BOND BULLS OUT

Global bond markets were in a bullish mood.

The steep decline in U.S. Treasury yields since the start of November continued on Friday with the benchmark 10-year note yield briefly falling to a two-month low.

Later, the yield on the benchmark 10-year note was little changed at 4.439%, from 4.445% late on Thursday, and the two-year note was last up 6.1 basis points to yield 4.9025%, from 4.842%.

The gap widened between yields on two- and 10-year Treasury notes , an indicator of expectations the economy is slowing. The curve inversion was around -46.0 basis points on Friday, compared with -38 basis points the day before, and remains near its deepest point since early October.

Rate-sensitive two-year bond yields in Germany and Britain fell to their lowest levels since June , with money markets now pricing in roughly 100 basis points worth of rate cuts in the United States and the euro area.

In Asia, shares outside Japan eased 0.45%, while Japan's Nikkei closed up 0.48%, firming about 3% for the week, helped by the Bank of Japan's reassurance that it was sticking with its super loose policy.

Chinese blue chips fell 0.12%, having missed on the general rally so far this week.

Sentiment in Asia had been supported by the apparent easing of U.S.-China tensions, with the Chinese press lauding the meeting between President Xi Jinping and President Joe Biden.

Gold was unchanged at $1,980.17 an ounce.

A rally in Wall Street stocks showed signs of fatigue Thursday as shares of Cisco Systems and Walmart plunged following corporate forecasts, weighing on the Dow.

Analysts described the market as primed for a pullback after a heady period that has generated talk that shares are "overbought."

The Dow Jones Industrial Average finished down 0.1 percent at 34,945.47.

The broad-based S&amp;P 500 added 0.1 percent at 4,508.24, while the tech-rich Nasdaq Composite Index also climbed 0.1 percent to 14,113.67.

Major indices rallied the last two days following economic data showing moderating inflation that has suggested the US economy is slowing but may avert recession.

But shares of Walmart tumbled 8.1 percent despite solid earnings from the retailing giant on the back of a 4.9 percent jump in comparable sales at US stores.

Analysts expressed disappointment with Walmart's outlook, which included only a narrow increase in full-year profits. Company officials said a tightening of credit and an erosion of the pandemic-era consumer balance sheets were reasons for a "cautious" outlook on the fourth quarter.

Fellow Dow member Cisco Systems plunged nearly 10 percent as it projected weaker than expected sales in the upcoming quarter, pointing to a "slowdown" of new product orders after "exceptionally strong product delivery over the past three quarters."

Shares in Chinese e-commerce giant Alibaba plummeted 9.1 percent after the company said it would cancel the spinoff of its cloud computing arm because of US curbs on exports of advanced chips.

Dow weighed down by Walmart, Cisco Systems

Analysts described the market as primed for a pullback after a heady period that has generated talk that shares are "overbought."

A rally in Wall Street stocks showed signs of fatigue Thursday as shares of Cisco Systems and Walmart plunged following corporate forecasts, weighing on the Dow.

Analysts described the market as primed for a pullback after a heady period that has generated talk that shares are &quot;overbought.&quot;

The Dow Jones Industrial Average finished down 0.1 percent at 34,945.47.

The broad-based S&amp;amp;P 500 added 0.1 percent at 4,508.24, while the tech-rich Nasdaq Composite Index also climbed 0.1 percent to 14,113.67.

Major indices rallied the last two days following economic data showing moderating inflation that has suggested the US economy is slowing but may avert recession.

But shares of Walmart tumbled 8.1 percent despite solid earnings from the retailing giant on the back of a 4.9 percent jump in comparable sales at US stores.

Analysts expressed disappointment with Walmart's outlook, which included only a narrow increase in full-year profits. Company officials said a tightening of credit and an erosion of the pandemic-era consumer balance sheets were reasons for a &quot;cautious&quot; outlook on the fourth quarter.

Fellow Dow member Cisco Systems plunged nearly 10 percent as it projected weaker than expected sales in the upcoming quarter, pointing to a &quot;slowdown&quot; of new product orders after &quot;exceptionally strong product delivery over the past three quarters.&quot;

Shares in Chinese e-commerce giant Alibaba plummeted 9.1 percent after the company said it would cancel the spinoff of its cloud computing arm because of US curbs on exports of advanced chips.

U.S. stocks closed slightly higher on Wednesday, as fresh inflation data reinforced investor hopes that the Federal Reserve is done raising interest rates, while retail stocks were boosted by an upbeat forecast from Target (TGT.N).

Shares in Target (TGT.N) surged 17.8% in its biggest one-day percentage gain since August 2019 after the retailer forecast a fourth-quarter profit largely above expectations on easing supply-chain costs.

Target's bright outlook lifted shares of other retailers including Macy's (M.N), which rose 7.5%, and Kohl's (KSS.N), which closed up almost 9%. The S&amp;P 500 consumer staples index (.SPLRCS), which includes Target, was the top sector gainer, adding 0.7%.

Stocks had rallied on Tuesday after a softer-than-expected consumer price index (CPI) reading boosted optimism that the Fed might be able to avoid raising rates further.

Additional data on Wednesday showed the biggest decline in producer prices in 3-1/2 years in October on the back of cheaper gasoline, offering more evidence of easing price pressures.

Also on Wednesday, retail sales data showed a smaller-than-expected decline of 0.1% in October, against forecasts of a 0.3% fall, according to economists polled by Reuters.

"Those two data points reaffirmed the message from Tuesday that the Fed seems to be navigating the soft landing quite well," said Ronald Temple, chief market strategist at Lazard.

After the big move by Wall Street's three major indexes in the previous session, Temple said Wednesday's data "doesn't change the narrative."

The Dow Jones Industrial Average (.DJI) rose 163.51 points, or 0.47%, to 34,991.21, the S&amp;P 500 (.SPX) gained 7.18 points, or 0.16%, at 4,502.88 and the Nasdaq Composite (.IXIC) added 9.46 points, or 0.07%, at 14,103.84.

The benchmark S&amp;P 500 (.SPX) and tech-heavy Nasdaq (.IXIC) had posted their biggest daily percentage gains in more than six months on Tuesday, after the consumer prices data.

Among the S&amp;P 500's 11 major sectors energy (.SPNY) was the biggest decliner, down 0.3%, followed closely by utilities (.SPLRCU). After consumer staples, communications services (.SPLRCL) advanced the most, with a boost from Walt Disney (DIS.N). The entertainment company rose 3% after reports that activist investor ValueAct Capital had acquired a stake.

The Russell 2000 (.RUT) index again advanced, after closing 5.4% higher on Tuesday, as the prospect of stalling rate hikes provides particular relief to smaller companies, which are more dependent on floating rate loans.

Money market traders have fully priced in odds that the U.S. central bank will keep rates steady in December, as per CME Group's Fedwatch tool. They also see the first rate cut of the cycle kicking off in May 2024.

Investors were also watching for the outcome of the first meeting in a year between U.S. President Joe Biden and Chinese leader Xi Jinping on Wednesday, hoping the talks could ease friction between the superpowers on military conflicts, drug-trafficking and artificial intelligence.

Further aiding the mood, the U.S. House of Representatives passed a temporary spending bill that would avert a government shutdown, with broad support from lawmakers from both parties.

To prevent a shutdown, the Senate and Republican-controlled House must enact a legislation that Biden can sign into law before current funding for federal agencies expires at midnight on Friday.

Among individual stocks, retailer TJX's (TJX.N) shares fell 3.3% after it forecast current-quarter profit below Wall Street expectations, signaling spiraling costs weighing on margins.

Sirius XM (SIRI.O) shares rallied 6% after Warren Buffett's Berkshire Hathaway (BRKa.N) took a stake in the audio entertainment company.

On U.S. exchanges 11.67 billion shares changed hands, above the 11.15 billion average for the last 20 sessions.

Advancing issues outnumbered decliners on the NYSE by a 1.36-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.

The S&amp;P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 106 new highs and 89 new lows.

Wall Street gains on easing inflation, Target's upbeat forecast

Shares in Target (TGT.N) surged 17.8% in its biggest one-day percentage gain since August 2019 after the retailer forecast a fourth-quarter profit largely above expectations on easing supply-chain costs.

U.S. stocks closed slightly higher on Wednesday, as fresh inflation data reinforced investor hopes that the Federal Reserve is done raising interest rates, while retail stocks were boosted by an upbeat forecast from Target (TGT.N).

Shares in Target (TGT.N) surged 17.8% in its biggest one-day percentage gain since August 2019 after the retailer forecast a fourth-quarter profit largely above expectations on easing supply-chain costs.

Target's bright outlook lifted shares of other retailers including Macy's (M.N), which rose 7.5%, and Kohl's (KSS.N), which closed up almost 9%. The S&amp;P 500 consumer staples index (.SPLRCS), which includes Target, was the top sector gainer, adding 0.7%.

Stocks had rallied on Tuesday after a softer-than-expected consumer price index (CPI) reading boosted optimism that the Fed might be able to avoid raising rates further.

Additional data on Wednesday showed the biggest decline in producer prices in 3-1/2 years in October on the back of cheaper gasoline, offering more evidence of easing price pressures.

Also on Wednesday, retail sales data showed a smaller-than-expected decline of 0.1% in October, against forecasts of a 0.3% fall, according to economists polled by Reuters.

"Those two data points reaffirmed the message from Tuesday that the Fed seems to be navigating the soft landing quite well," said Ronald Temple, chief market strategist at Lazard.

After the big move by Wall Street's three major indexes in the previous session, Temple said Wednesday's data "doesn't change the narrative."

The Dow Jones Industrial Average (.DJI) rose 163.51 points, or 0.47%, to 34,991.21, the S&amp;P 500 (.SPX) gained 7.18 points, or 0.16%, at 4,502.88 and the Nasdaq Composite (.IXIC) added 9.46 points, or 0.07%, at 14,103.84.

The benchmark S&amp;P 500 (.SPX) and tech-heavy Nasdaq (.IXIC) had posted their biggest daily percentage gains in more than six months on Tuesday, after the consumer prices data.

Among the S&amp;P 500's 11 major sectors energy (.SPNY) was the biggest decliner, down 0.3%, followed closely by utilities (.SPLRCU). After consumer staples, communications services (.SPLRCL) advanced the most, with a boost from Walt Disney (DIS.N). The entertainment company rose 3% after reports that activist investor ValueAct Capital had acquired a stake.

The Russell 2000 (.RUT) index again advanced, after closing 5.4% higher on Tuesday, as the prospect of stalling rate hikes provides particular relief to smaller companies, which are more dependent on floating rate loans.

Money market traders have fully priced in odds that the U.S. central bank will keep rates steady in December, as per CME Group's Fedwatch tool. They also see the first rate cut of the cycle kicking off in May 2024.

Investors were also watching for the outcome of the first meeting in a year between U.S. President Joe Biden and Chinese leader Xi Jinping on Wednesday, hoping the talks could ease friction between the superpowers on military conflicts, drug-trafficking and artificial intelligence.

Further aiding the mood, the U.S. House of Representatives passed a temporary spending bill that would avert a government shutdown, with broad support from lawmakers from both parties.

To prevent a shutdown, the Senate and Republican-controlled House must enact a legislation that Biden can sign into law before current funding for federal agencies expires at midnight on Friday.

Among individual stocks, retailer TJX's (TJX.N) shares fell 3.3% after it forecast current-quarter profit below Wall Street expectations, signaling spiraling costs weighing on margins.

Sirius XM (SIRI.O) shares rallied 6% after Warren Buffett's Berkshire Hathaway (BRKa.N) took a stake in the audio entertainment company.

On U.S. exchanges 11.67 billion shares changed hands, above the 11.15 billion average for the last 20 sessions.

Advancing issues outnumbered decliners on the NYSE by a 1.36-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.

The S&amp;P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 106 new highs and 89 new lows.

US stocks closed up sharply on Tuesday on the news that US inflation cooled by more than expected last month, fueling hopes of an end to interest rate hikes.

The US Federal Reserve voted last month to hold rates steady at a 22-year high for the second consecutive meeting as policymakers look to bring down inflation while avoiding a damaging recession.

Consumer inflation in the United States increased by 3.2 percent in the 12 months to October, down from 3.7 percent a month earlier, according to the Labor Department.

So-called "core inflation" -- stripping out volatile food and energy prices -- also slowed to an annual rate of 4.0 percent.

The below-target core and headline inflation figures fueled hopes that the Fed is done hiking interest rates, which is often good news for stock markets.

The Dow Jones Industrial Average jumped 1.4 percent to finish the day at 34,827.70, while the broad-based S&amp;P 500 Index jumped 1.9 percent to 4,495.70.

And the tech-rich Nasdaq Composite Index surged 2.4 percent to 14,094.38.

"The market has essentially removed any probability for any more rates hikes," Steve Sosnick from Interactive Brokers told AFP.

"It's hard to find anything that is not joining the party," he added.

Among individual stocks, Home Depot closed up 5.4 percent, while Solaredge was up 10.8 percent.

Wall Street surges on news of cooling US inflation

The US Federal Reserve voted last month to hold rates steady at a 22-year high for the second consecutive meeting as policymakers look to bring down inflation while avoiding a damaging recession.

US stocks closed up sharply on Tuesday on the news that US inflation cooled by more than expected last month, fueling hopes of an end to interest rate hikes.

The US Federal Reserve voted last month to hold rates steady at a 22-year high for the second consecutive meeting as policymakers look to bring down inflation while avoiding a damaging recession.

Consumer inflation in the United States increased by 3.2 percent in the 12 months to October, down from 3.7 percent a month earlier, according to the Labor Department.

So-called "core inflation" -- stripping out volatile food and energy prices -- also slowed to an annual rate of 4.0 percent.

The below-target core and headline inflation figures fueled hopes that the Fed is done hiking interest rates, which is often good news for stock markets.

The Dow Jones Industrial Average jumped 1.4 percent to finish the day at 34,827.70, while the broad-based S&amp;P 500 Index jumped 1.9 percent to 4,495.70.

And the tech-rich Nasdaq Composite Index surged 2.4 percent to 14,094.38.

"The market has essentially removed any probability for any more rates hikes," Steve Sosnick from Interactive Brokers told AFP.

"It's hard to find anything that is not joining the party," he added.

Among individual stocks, Home Depot closed up 5.4 percent, while Solaredge was up 10.8 percent.

Name		Price	Change	Change%
AXP	American Express	162.57	3.52	2.21
CAT	Caterpillar	253.11	4.90	1.97
CVX	Chevron	144.44	2.67	1.88
INTC	Intel	43.81	0.46	1.06
JPM	JPMorgan Chase	152.84	1.39	0.92

Name		Price	Change	Change%
MSFT	Microsoft	369.78	-6.39	-1.70
NKE	Nike	105.98	-1.63	-1.51
AMGN	Amgen	265.34	-3.66	-1.36
PG	P&G	151.10	-1.73	-1.13
UNH	UnitedHealth	536.27	-3.55	-0.66

Name		Price	Change	Change%
IBM	IBM	152.90	-0.16	-0.10
INTC	Intel	43.81	0.46	1.06

Name		Price	Market Cap (in billion US $)
AAPL	Apple	189.72	2,966.13
MSFT	Microsoft	369.78	2,747.38
V	Visa	249.60	505.09
UNH	UnitedHealth	536.27	496.75
JPM	JPMorgan Chase	152.84	444.17

Fund	AUM $	1 Y	3 Y	5 Y	Exp. Ratio
Franklin India Feeder - Franklin U.S. Opportunities Fund - Growth	2896.4	23.52%	3.21%	12.99%	1.52
ICICI Prudential US Bluechip Equity Fund - Growth	2554.44	13.16%	11.61%	13.75%	2.04
ICICI Prudential NASDAQ 100 Index Fund - Direct Plan - Growth	851.73	35.99%	0%	0%	0.5
Bandhan US Equity Fund of Fund - Direct Plan - Growth	260.53	23.06%	0%	0%	0.48
Nippon India US Equity Opportunities Fund - Growth	562.69	22.28%	7.62%	12.95%	2.43
Aditya Birla Sun Life NASDAQ 100 FOF - Direct Plan - Growth	278.31	35.33%	0%	0%	0.33
Motilal Oswal Nasdaq 100 ETF (MOFN100)	6042.57	38.2%	14.16%	21.87%	0.58
DSP US Flexible Equity Fund - Direct Plan - Growth	725.28	12.53%	11.91%	14.04%	1.51
Edelweiss US Technology Equity FOF - Growth	1761.81	36.01%	5.8%	0%	2.35
Edelweiss US Value Equity Offshore Fund - Regular Plan - Growth	85.09	0.11%	11.32%	10.17%	2.3

US Markets

09:30 Markets After
Dow Jones Futures 34,930.35 -16.93 (-0.05%)

02:16 Markets Closed
Nasdaq 14,107.92 -5.75 (-0.04%)

02:29 Markets Closed
S&P 500 4,510.11 1.87 (0.04%)

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