Investors looking to start their trading day need to pay attention to the most critical news items. The S&P 500 and Nasdaq Composite snapped their longest streaks in two years on Thursday, falling 0.8% and 0.9% respectively. The Dow Jones Industrial Average also saw a decline of nearly 0.7%. Heading into the final trading session, the S&P 500 and the Dow are down 0.3% and 0.5%, while the Nasdaq is up 0.3% for the week. Live market updates can be followed for more information.
Federal Reserve Chairman Jerome Powell expressed uncertainty about whether the central bank has done enough to lower inflation. Powell stated during remarks to the International Monetary Fund that accomplishment of the 2% inflation goal is not yet confident.
The IRS announced that for the 2024 tax year, income tax brackets and standard deductions will be set slightly higher. These changes will reflect a period of persistent inflation for the U.S. economy, with the highest rate of 37% applying to individuals with income above $609,350 and married couples earning $731,200.
Senator Joe Manchin announced that he will not run for reelection in 2024, potentially clearing a path for the GOP to claim a majority in the Senate elections. With Manchin out of the Senate, chamber Republicans can likely secure the seat and the edge.
The youngest generation of consumers, known as Gen Alpha, has taken an interest in skincare, which is expected to drive end-of-year spending. This interest is partly due to social media exposure and is seen as a positive routine-making activity for young kids. CNBC contributors Hakyung Kim, Jeff Cox, Kate Dore, Kevin Breuninger, and Gabrielle Fonrouge provided valuable insights in this report. Follow broader market action like a pro on CNBC Pro for more information.
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