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Bank of America has turned more cautious on U.S. equities, predicting only modest gains for the S&P 500 through 2026. The bank sees the index rising to around 7,100, roughly a 5% increase, as stretched valuations are likely to compress even as earnings continue to grow. BofA expects profits to rise about 14% but notes that liquidity tailwinds are ebbing due to softer buyback activity, heavier capital-expenditure plans and limited room for further central-bank easing.

The forecast includes a wide potential trading range of 5,500 to 8,500, underscoring elevated uncertainty. BofA also expects a shift in market leadership, favouring capex-driven sectors and blue-collar themes over consumption and white-collar exposure. The bank upgraded Staples to Overweight and cut Consumer Discretionary. On AI, it warns that monetisation may prove slower than hoped and that the industry faces near-term constraints, including surging power requirements.

This article was written by Eamonn Sheridan at investinglive.com.

The major US stock indices are closing higher led by the NASDAQ index with a gain of 0.82%.

Looking at the closing levels:

• Dow industrial average is up 314.67 points or 0.67% at 47427.12
• S&P index is up 46.73 points or 0.69% at 6812.61
• NASDAQ index is up 189.10 points or 0.82% at 23214.69.

The indices are up for the 4th consecutive day helped by a shift in the Fed bias led by comments from near Fed Pres Williams. The odds of a Fed rate cut moved up from about 35% last week to close to 85% this week. The Fed interest rate decision will take place on December 10. The Fed will enter their blackout period at the close on Friday.

J.P. Morgan is now saying that they expect the Fed to cut in December.

This article was written by Greg Michalowski at investinglive.com.

Canadian Prime Minister Mark Carney will travel to Washington next week for the 2026 World Cup draw, where he expects to meet U.S. President Donald Trump.

Carney said the pair spoke briefly on Tuesday, but noted that trade negotiations remain stalled.

Talks were halted last month after Ontario aired an advertisement featuring former President Ronald Reagan warning that tariffs can trigger trade wars and economic damage. Carney said discussions on reviving the trade agenda in key sectors have not restarted.

This article was written by Eamonn Sheridan at investinglive.com.

Both NZD and AUD were swung around by events in Asia yesterday, the Kiwi from the RBNZ rate cut and the Aussie by surging inflation:

• investingLive Asia-Pacific FX news wrap: AUD up (high CPI), NZD up (rate cut), JPY up (BoJ)

The data from NZ and Oz won’t impact as much, but I’ll keep an eye on the releases and post thier implications.

With the US out now for a holiday Thursday that’ll somehow stretch into a slack Friday and a long weekend Asian traders will be reluctant to punt too heavily during the session here.

• This snapshot from the investingLive economic data calendar.
• The times in the left-most column are GMT.
• The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.

This article was written by Eamonn Sheridan at investinglive.com.

The Canadian Dollar (CAD) found a fresh round of bidding strength on Wednesday, lurching into its highest levels against the US Dollar (USD) in a week.

RBNZ Gov. Hawkesby is on the wires saying:

• We think we are in a position where we can put out an OCR projection, which is broadly unchanged
• We are in a position where we can sort of watch and see how things progress over the course of next year.
• There are a number of labor market indicators that are starting to pick up.
• Our indicators are telling is now that the economy expanded through Q3
• Recovery in economy is happening right now
• over 2nd half of this year, annualized GDP rate is running not short of 3%.
• High degree of confidence that over next few quarters inflation is going to be coming down.
• We actually need to create some inflation through stronger economic activity.

The RBNZ cut rates by 25 basis points and signaled that they expect the OCR to remain at current levels through 2025.

This article was written by Greg Michalowski at investinglive.com.

New Zealand’s finance minister announces that Roger Finley has been appointed the chair of the RBNZ

• Finlay joined the RBNZ Board on 1 July 2022 under the bank’s new governance model.

• He brings extensive governance experience. Previously he was chair of several major public and private entities, including New Zealand Post (NZ Post), PGG Wrightson, and NZ Oil & Gas.

• He has served as a director or trustee of multiple companies and organizations — including being a director of Ngāi Tahu Holdings and other New Zealand and international firms.

• Prior to his non-executive and governance career, Finlay spent 26 years as an investment banker and fund manager in London, working with global financial houses like CS First Boston, Paribas, and UBS. His last international role reached “management-board” level.

• He holds a Bachelor of Commerce from the University of Otago, and is a Chartered Fellow of the Institute of Directors and a Fellow of Chartered Accountants ANZ.

The previous RBNZ Board Chair was Neil Quigley. On 29 August 2025, Quigley resigned with immediate effect

This article was written by Greg Michalowski at investinglive.com.

Two National Guardsmen were shot near the White House in downtown Washington, prompting a swift security response. One suspect is in custody, and police say the scene is now secure. The incident, reported around 2:20 p.m. ET at the Farragut West Metro station entrance, led to a White House lockdown. President Trump, currently in Florida for Thanksgiving, has been briefed and the White House is actively monitoring the situation.

Bullet Points:

• Two National Guardsmen shot near the White House.

• Conditions of the victims remain unknown.

• One suspect is in custody; scene secured, police say.

• Incident occurred around 2:20 p.m. ET near Farragut West Metro entrance.

• President Trump has been briefed and the White House is monitoring.

• The White House is currently on lockdown.

• Trump is in Florida at Mar-a-Lago for Thanksgiving.

Those short are reportedly in critical condition.

This article was written by Greg Michalowski at investinglive.com.

Crude oil futures settled at $58.65, rising $0.70 (+1.21%) on the session. Price action was contained within a $57.66 low and a $58.69 high, keeping the market choppy but constructive through the day.

On the hourly chart, the rebound lifted crude back above the 100-hour moving average at $58.24, a short-term positive that helped stabilize downside momentum. However, the market still trades below the 200-hour moving average at $59.01, meaning buyers have not yet regained full control. That level remains a key barrier that must be broken to shift the bias more convincingly higher.

Adding to the technical picture, yesterday’s high stalled at the underside of a broken trendline, a rejection that reinforced seller interest and contributed to Tuesday’s push lower. That same trendline now sits near $59.30 and marks an important upside target for bulls.

If crude can work back above both the 200-hour moving average and the broken trendline, the bullish bias would strengthen materially. Until then, the market remains caught between early signs of buying interest and lingering resistance that continues to cap the upside.

The Baker Hughes rig count today showed a decline of -12 oil rigs.

This article was written by Greg Michalowski at investinglive.com.

The Federal Reserve (Fed) Beige Book is a document released eight times a year. This document gathers anecdotal information on current economic conditions in its District from Bank and Branch directors, interviews with key business contacts, economists, market experts, and other sources.