The US markets ended in red on Thursday as late selling dragged indices lower after Federal Reserve Chair Jerome Powell said the central bank does not ‘need to be in a hurry to lower rates’ due to the strength of the economy. Powell said ‘The economy is not sending any signals that we need to be in a hurry to lower rates’. He added ‘the strength we are currently seeing in the economy gives us the ability to approach our decisions carefully.’ Powell's comments on the outlook for rates came as he described the U.S. economy's performance as ‘remarkably good’, noting the labor market remains in solid condition but is no longer a source of significant inflationary pressures. He also said the Fed is attentive to risks to both its employment and inflation goals, noting cutting rates too quickly could hinder progress on inflation but cutting rates too slowly could unduly weaken economic activity and employment.
Besides, the Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended November 9th. The report said initial jobless claims slipped to 217,000, a decrease of 4,000 from the previous week's unrevised level of 221,000. Street had expected jobless claims to inch up to 223,000. The unexpected decline pulled jobless claims down to their lowest level since hitting 216,000 in the week ended May 18th. The Labor Department said its producer price index for final demand rose by 0.2 percent in October following a revised 0.1 percent uptick in September. Meanwhile, the report said the annual rate of growth by producer prices accelerated to 2.4 percent in October from an upwardly revised 1.9 percent in September. The annual rate of producer price growth was expected to accelerate to 2.3 percent from the 1.8 percent originally reported for the previous month.
Dow Jones Industrial Average lost 207.33 points or 0.47 percent to 43,750.86, Nasdaq fell 123.07 points or 0.64 percent to 19,107.65 and S&P 500 was down by 36.21 points or 0.60 percent to 5,949.17.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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