24th September 2021 Morning Report

U.S. stock markets were higher Thursday as investors digested the previous day’s Federal Reserve announcements about its tapering its asset purchases plan and raising interest rates. The Dow Jones Industrial Average rose 1.7%, while the S&P 500 and the Nasdaq Composite advanced 1.5% and 1.18%, respectively, while the yield on the 10-year note rose to 1.39%. Financials, including all the banks were in focus as the yield curve steepened following the Fed’s comments on Wednesday. 

West Texas Intermediate crude oil edged up $1.21 to $73.44 a barrel and gold fell to $1,750.20 an ounce. 

Other key overseas markets were also higher. France’s CAC 40 and Germany’s DAX 30 rose 0.98% and 0.88%, respectively. Britain’s FTSE 100 slipped 0.07% after the Bank of England kept policy on hold and downgraded its growth forecast. Hong Kong’s Hang Seng index and China’s Shanghai Composite rallied 0.38% and 1.19%, respectively, while Japan’s Nikkei 225 was closed for holiday.

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