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CNBC Daily Open: Another Fed hike is on the horizon - but when?
CNBC • • general
Key Points:
- U.S. Federal Reserve officials anticipate raising interest rates before the end of the year to combat persistent inflation, though the exact timing remains uncertain, with decisions expected on Oct. 28 and Dec. 9.
- The U.S. Treasury's $39 billion auction of 10-year notes was strong, leading to a retreat in Treasury yields from multi-decade highs, with the 10-year yield peaking at 5.365% and the 30-year at 5.732%.
- The S&P 500 and Dow Jones Industrial Average both declined slightly from record highs, while major Asian markets saw mixed performances, including a nearly 2% drop in South Korea's Kospi.
- Samsung Electronics reported a historic third-quarter preliminary operating profit exceeding 100 trillion won ($80.2 billion), driven by strong demand in artificial intelligence, with full earnings expected later this month.
- Lululemon announced the hiring of Athleta CEO Maggie Gauger as its new president and chief product officer, reflecting increased competition in the athleisure market.
