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Trump Rejects Iran Proposal as Tensions Persist Amid Fragile Ceasefire 
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Dollar Gains Slightly as Yen Volatility Continues After Japan Intervention 
Markets Stay Strong Despite Oil Shock Concerns as Earnings Drive Investor Confidence 
China Manufacturing PMI Beats Forecasts in April Amid Weak Domestic Demand 
Dollar Holds Near Two-Week High as Fed Hawkish Shift Lifts Yields, Yen Near Intervention Zone 
Asian Stocks Slip as Oil Prices Surge and Fed Signals Inflation Risks 
Yen Weakens After Intervention Spike as Dollar Stabilizes Amid Global Tensions 
Oil Prices Ease but Remain Set for Strong April Gains Amid Middle East Tensions 
AI Stocks Rally in Asia as Oil Surge and Hawkish Central Banks Shake Global Markets 
Gold Prices Slip Amid Iran Tensions and Rising Rate Concerns 
Stock Market Update: Fed Holds Rates Steady as Tech Earnings and Geopolitical Tensions Shape Outlook 
Asian Stock Markets Rise Amid Wall Street Rally and U.S.-Iran Tensions 
The S&P 500 stumbled Wednesday, shedding 0.5%, as inflation concerns dampened hopes for rate cuts. The Dow lost 102 points, and the NASDAQ fell 0.9%, with subdued trading expected ahead of the Thanksgiving holiday.
Inflation Concerns Weigh on Pre-Thanksgiving Markets
Investing.com reports that US stocks fell slightly on Wednesday as cautious trading in the lead-up to Thanksgiving and rising inflation data weighed on the market.
The Dow Jones Industrial Average, the S&P 500 index, and the NASDAQ Composite all saw declines of 0.25% and 0.9%, respectively, at 1:03 p.m. ET (18:03 GMT).
Before Thursday's Thanksgiving holiday and Black Friday's early closing, trading volumes are expected to be low on Wednesday.
Despite expectations for a 2.3% annual increase in the PCE price index for October, the preferred inflation indicator of the Federal Reserve, the core PCE price index, increased 2.8% in October, well over the 2% annual objective.
S&P 500 Slips Amid Rate Cut Doubts
The markets have started to doubt the likelihood of a 25 basis point cut in December, and recent indications of persistent US inflation have cast doubt on the extent to which the Fed will reduce interest rates further.
The publication of robust economic data earlier Wednesday, indicating that the US economy was in a healthy enough state to handle interest rates at their current levels, only served to heighten these misgivings.
U.S. economic growth in the third quarter was an unadjusted 2.8% annualized rate, significantly higher than what Federal Reserve officials consider the non-inflationary growth rate of approximately 1.8%. First-time unemployment claims for the week fell to 213,000 from a revised lower 215,000 the week before. Claims have been steadily retreating from the near 1-1/2-year high seen in early October.
Tech Giants Face Thanksgiving Week Losses
On the business front, HP fell 12% after issuing disappointing guidance for 2025, and Dell Technologies fell more than 10% after providing a disappointing revenue outlook for the current quarter, despite the company's bullish comments about AI sales growth.
As a result of decreased client spending on its human resource management software, cloud-based business applications provider Workday reported poor subscription revenue guidance, causing a 5% decline in the stock price.
Morgan Stanley analysts stated on Wednesday that, due to improving market circumstances, Workday's values are still too favorable to ignore, even with the outlook drop.
