SP500 201123 4h ChartSP500
tests new highs amid rising demand for tech stocks. Microsoft
is up by 2.3% after the company hired Open AI’s Sam Altman. Previously, Altman was fired by OpenAI, the developer of the famous ChatGPT. Today, traders also focused on CB Leading Index report
, which showed that CB Leading Index decreased by 0.8% month-over-month in October. The Conference Board believes that a combination of high interest rates, elevated inflation and weak consumer spending would push U.S. economy into a very short recession. However, traders are not worried about recession. They focus on the possibilities in the AI space and the recent shift in Fed policy outlook. The Fed is expected to start cutting rates in the first half of the next year, which will be bullish for stocks.
From the technical point of view, SP500 settled above the 4500 level and is heading towards the nearest resistance, which is located in the 4575 – 4600 range.