Here are the key news investors need to start the trading day:
1. Caught
The S&P 500 and Nasdaq Composite posted their longest winning streak in two years on Thursday. The S&P 500 fell 0.8% during the session after eight straight days of gains, while the tech-heavy Nasdaq Composite fell 0.9% after nine days of gains. The Dow Jones Industrial Average also fell, losing almost 0.7%. This week, the S&P 500 and the Dow are down 0.3% and 0.5% respectively heading into the final trading session, while the Nasdaq is up 0.3% for the week so far. Follow live market updates.
2. Not confident
Fed Chairman Jerome Powell prepares to deliver a speech at the Federal Reserve’s Division of Research and Statistics Centennial Conference on November 8, 2023 in Washington, DC.
Chip Somodevilla | Getty Images
Federal Reserve Chairman Jerome Powell said Thursday the central bank was unsure whether it had done enough to further cool inflation. The Fed remains committed to achieving a 2% inflation rate and is “not confident that we have achieved such a stance,” Powell said in a speech to the International Monetary Fund. The comments come just over a week after the Fed left interest rates unchanged at a target range of 5.25% to 5.5%. Powell said he and his policy colleagues were “pleased” by the progress on consumer prices, but “expect that the process of sustainably reducing inflation to 2% still has a long way to go.”
3. New thresholds
Zach Gibson | Getty Images News | Getty Images
Income tax brackets and standard deductions will be set slightly higher for 2024, the IRS announced Thursday. The changes will take effect for tax year 2024, i.e. for tax returns filed in 2025, and reflect a period of sustained inflation in the U.S. economy. In 2024, the highest rate of 37% applies to individuals with taxable income over $609,350 and married couples with income over $731,200. The standard deduction increases to $14,600 for individuals (from $13,850 for the 2023 tax year) and to $29,200 (from $27,700) for married couples.
4. He gives up his seat
Sen. Joe Manchin, D-Wa., speaks during the Senate Appropriations Committee meeting on the “Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2024” and the “Agriculture, Rural Development, Food and Drug Administration and Related.” “Agencies Appropriations Act, 2024,” at the Dirksen Building on Thursday, June 22, 2023.
Tom Williams | Cq-roll Call, Inc. | Getty Images
Sen. Joe Manchin will not run for re-election in 2024, clearing the way for the GOP to win a majority in next year’s Senate elections. Manchin, a conservative Democrat who is highly critical of President Joe Biden’s policies, will vacate his seat in deep-red West Virginia. With Manchin out of the Senate — and, if speculation is to be believed, possibly in the presidential race, chamber Republicans can likely secure the seat and the lead. “We have a good chance in West Virginia,” Steve Daines, chairman of the National Republican Senatorial Committee, said in a statement to NBC following Manchin’s announcement.
5. Anti-Aging Alphas
At an Ulta store in New York.
Scott Mlyn | CNBC
You’re never too young to fight aging, at least according to Generation Alpha’s vacation wish lists. The youngest generation of consumers, those born in 2010 and later, have developed a particular interest in skin care, reports CNBC’s Gabrielle Fonrouge, and this is expected to drive year-end spending. The acceptance is thanks in part to TikTok and other social media sites where children (with parental permission) can be exposed to toners, serums and moisturizers using “skinfluencers.” And it’s not all as bad as it sounds: Experts say regular skin care is positive for young children, especially if that morning routine includes sun protection.
—CNBC’s Hakyung Kim, Jeff Cox, Kate Dore, Kevin Breuninger and Gabrielle Fonrouge contributed to this report.
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Originally posted 2023-11-10 13:50:15.