Wall Street closes mixed as Thanksgiving break kicks off

Trading volume remained relatively low on Wednesday.
Rising crude oil prices boosted energy shares.
Wall Street didn't show a significant reaction to FOMC minutes.

Eren Sengezer FXStreet

Following its record-setting rally on Tuesday, major equity indexes in the U.S. finished the choppy session mixed amid the thin trading volume ahead of the Thanksgiving break.

Two of the biggest cell phone carriers, AT&T and Verizon Wireless, recorded robust gains for the second day in a row, allowing the S&P 500 Telecom Services Sector (SPLRCL) to become the best performing sector of the day with 1.67% gain.

Following the API's report on Tuesday, the EIA also announced a drawdown in crude oil inventories in the U.S., lifting the barrel of West Texas Intermediate to its highest level since June of 2015 at $58.10. Boosted by the robust performance of the WTI, the S&P 500 Energy Sector (SPNY) closed the day 0.45% higher.

In the meantime, the FOMC's November meeting minutes failed to impact the expectations of a December rate hike. However, the statement showed that participants were concerned about the low inflation, and the US Dollar Index dropped to a fresh monthly low at 93.13. Nonetheless, stock markets ignored the DXY's reaction and remained in their daily ranges. “Not a lot of revelations came through in the Fed minutes, seems everyone is packed up,” John Velis, vice president of Global Macro Strategy at State Street Global Markets in Boston, told Reuters.

The Dow Jones Industrial Average dropped 63.28 points, or 0.27%, to 23,527.55, the S&P 500 lost 2.03 points, or 0.08%, to 2,597.00 and the Nasdaq Composite added 4.08 points, or 0.06%, to 6,866.56.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.