**Major Index Performance**
- **Dow Jones Industrial Average**: Slid 0.3% or 138.25 points, to close at 44,722.06 points[1].
- **S&P 500**: Declined 0.4% or 22.89 points, to end at 5,998.74 points[1].
- **NASDAQ**: Shed 0.6% or 115.10 points to finish at 19,060.48 points[1].
**Key Factors Driving Today's Market Direction**
- A jump in October inflation raised concerns that the Federal Reserve could take a cautious approach to future rate cuts. Personal consumption inflation (PCE) rose 0.2% sequentially and 2.3% year-over-year, while core PCE rose 0.3% month-over-month and 2.8% year-over-year[1].
**Notable Sector Performance**
- **Top Decliners**:
- Technology Select Sector SPDR (XLK) declined 1.4%[1].
- Consumer Discretionary Select Sector SPDR (XLY) lost 0.5%[1].
- **Other Sectors**: Six of the 11 sectors of the S&P 500 ended in negative territory[1].
**Market Highlights**
- **Most Actively Traded Stocks**: Trading volume was lower than the last 20-session average, with 11.40 billion shares traded on Wednesday[1].
- **Biggest Percentage Losers**: Tech giants like NVIDIA Corporation (NVDA) fell 1.2%, Meta Platforms, Inc. (META) fell 0.8%, and Salesforce, Inc. (CRM) fell 3.5%[1].
- **Significant Market-Moving News Events**:
- Inflation data release and its impact on Fed rate cut expectations[1].
- Economic data showing the U.S. economy grew at a 2.8% annual pace in the third quarter[1].
**Important Economic Data Releases and Their Impact**
- **GDP Growth**: The U.S. economy grew at a 2.8% annual pace in the third quarter, unchanged from its initial estimate[1].
- **Consumer Spending**: Increased 3.5% year-over-year in the third quarter and 0.4% month-over-month in October[1].
- **Durable Goods Orders**: Rose 0.2% in October, missing analysts’ expectations of a 0.5% rise[1].
**Technical Analysis**
- **Current Market Trend**: The market ended lower, indicating bearish sentiment for the day, but overall indices are on track to close November in the green[1].
- **Key Support and Resistance Levels**: Not specified in the sources, but the indices hit all-time closing highs earlier in the week[1].
- **Trading Volume Analysis**: Trading volume was significantly lower due to the holiday-shortened week[1].
- **VIX Movement and Implications**: The CBOE Volatility Index (VIX) was down 1.42% to 13.90, indicating reduced volatility[1].
**Forward-Looking Elements**
- **Pre-market Futures Indication**: Not available in the sources.
- **Key Events to Watch for Tomorrow**: Markets will close early on Friday due to the holiday, with low activity expected[1].
- **Important Upcoming Earnings Releases**: Not specified for the immediate future.
- **Potential Market Catalysts**: Future economic data releases and any updates on Federal Reserve policy will be key catalysts[1].
This content was created in partnership and with the help of Artificial Intelligence AI
