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Business News/ Markets / Stock Markets/  Wall Street week ahead: Investors to focus on OPEC+ meet
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Wall Street week ahead: Investors to focus on OPEC+ meet

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia will meet on October 4

The S&P 500 lost 11.65 points, or 0.27%, at 4,288.05 on Friday. (REUTERS)Premium
The S&P 500 lost 11.65 points, or 0.27%, at 4,288.05 on Friday. (REUTERS)

On Wall Street in the week ahead investors are likely to focus on crude oil prices as OPEC+ meet is slated to be held on Wednesday.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, will meet on October 4. Oil prices has soared towards $100 a barrel, the highest since 2022, on tighter supply, due to OPEC+ output cuts and rising demand.

Corporate events

On October 4, Google will hold its ‘Made By Google’ hardware event. At the event, Google is expected to unveil the Pixel 8, Pixel 8 Pro, and Pixel Watch 2. 

On October 5, Samsung Electronics will hold a developer conference in San Francisco. At the event, it plans to highlight SmartThings, Bixby, Knox and Tizen.

Zoom Video's annual Zoomtopia event will be held in San Jose, California on October 3.

Molson Coors will also hold a Strategy Day event on October 3.

In the week ahead, earnings reports are due from following companies – McCormick, Cal-Maine Foods, Helen of Troy, Tilray Brands, Accolade, Constellation Brands, Conagra Brands, Lamb Weston, and Levi Strauss.

On Wall Street on Friday, the S&P 500 lost 11.65 points, or 0.27%, at 4,288.05. The Dow Jones Industrial Average fell 158.84 points, or 0.47%, at 33,507.5. The Nasdaq Composite gained 18.05 points, or 0.14%, at 13,219.32. 

Investors are worried that the US Federal Reserve would keep interest rates high for longer to tame inflation. The Fed’s key interest rate is at its highest level since 2001. 

The yield on the 10-year treasury rose at 4.58%, near its highest level since 2007.

The US dollar rose at 149.41 Japanese yen from 149.24. It gained at $1.0578 from $1.0554 against the euro.

The US crude oil benchmark for November delivery fell 92 cents at $90.79 a barrel on Friday. Brent crude for November delivery lost 7 cents at $95.31 a barrel.

Gold for December delivery fell $12.50 at $1,866.10 an ounce. Silver for December delivery fell 29 cents at $22.45 an ounce. 

A report on Friday showed the personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, rose 3.9% on an annual basis for August, the first time in over two years it had fallen below 4%.

Among the global markets, stock indices were modestly higher in Europe and Asia. 

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Published: 01 Oct 2023, 10:37 PM IST
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