Investors were so focused on the Fed pivot to a dovish monetary policy that they almost forgot that a recession is looming. They got a reality check when the CEOs of Goldman Sachs, Bank of America and JPMorgan Chase said in separate interviews that they were bracing for a downturn, since inflation and the slowing economy will eventually impact consumer spending power.

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Wall Street opened flat after yesterday’s bearish session over concerns about the Fed’s monetary policy. It’s the usual confusion among investors, after the publication of good economic data yesterday. Although it shows that the economy is holding up well against rate hikes, and a soft landing is possible, this also means that the Fed could be raising rates for longer to control inflation.

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The week starts on a mixed note, as investors take in the stronger-than-expected U.S. jobs report and signs that China is easing its Covid policy. For some, this renewed hopes that a soft landing is possible after all. For other investors, this means that the Fed may have to keep hiking rates for longer. This is because the wage component was twice higher than expected, a sign that inflation might be taking hold.

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Investors thought that the pivot to a dovish policy was reached on Wednesday, when Fed chair Jerome Powell signaled that the central bank would go for a smaller rate hike in December. However, job data released today ruined the mood.

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Fed chair Jerome Powell reassured investors in his speech yesterday, which led Wall Street indexes to new highs. He hinted that the December rate hike could be more moderate than in November, while reiterating that more efforts are needed. “The time for moderating the pace of rate increases may come as soon as the December meeting”, he said.

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November ends with a slightly positive balance sheet, with the S&P500 up 2.2% and the Nasdaq 100 up 0.9%. Wall Street remained flat today in pre-market trading, ahead of Powell's speech, and after the release of the ADP National Employment report, which showed that private employment remains resilient.

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Adidas, Mulberry, Hennes & Mauritz (H&M), Chrysalis Investment, Nestlé, Foxconn & Apple, AMC networks, Airbnb, Horizon Therapeutics, Amgen, Johnson & Johnson, Sanofi, Footlocker, Oracle, Amazon, Crowdstrike, Alibaba & Tencent, Arm, Eisai & Biogen, Nidec are in this press review!

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Rising Covid cases in China hit investor sentiment yesterday, but better news came overnight, with Chinese authorities pledging to boost elderly vaccination rates. In addition, Covid cases fell for the first time in a week. This lifted Asian and European markets today, while Wall Street opened flat.

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Investor sentiment is hampered by worries about China's economic growth as Covid cases rise in the country. Demonstrations broke out in several cities this weekend against the Covid restrictions that have been going on for nearly three years.

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After Thanksgiving, Wall Street remains very quiet, with investors keeping an eye on Black Friday sales to assess the impact of inflation and how it will affect Fed policy. U.S. stock markets are open for a half session today until 1 p.m. ET. The National Retail Federation estimates that 166.3 million people will be shopping from Thanksgiving Day through Cyber Monday. 

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