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- With heavy trading, stocks whipsawed swung back and forth as Republicans poised to give Democrats a way out of the debt-ceiling standoff.
- As US Senate Republican Leader McConnell announced he expected to provide a short-term debt limit extension that would last until December, the S&P 500 and the Nasdaq 100 both rallied, erasing previous losses of more than 1%.
- The turbulence came as the S&P 500 index fell for the fourth day in a row, owing to a growing list of concerns, including the debt ceiling, inflation, and rising energy costs. Natural gas prices, which had risen as much as 40% at one point, began to fall when Putin stated that his country is willing to help.
- While investors examined the US economic outlook, the 10-Year Treasury note yield remained unchanged. Ahead of Friday's nonfarm payrolls in the US, the ADP employment statistics surpassed expert estimates, cementing predictions that the Federal Reserve will start tapering support next month.
- A strong employment report from the US might allay concerns about the country's ongoing labor shortage. Yet, the market is still volatile due to expectations that higher inflation may last longer than the central bank predicts, particularly in the face of a winter energy crunch.
- Analysts expect the Fed to disclose tapering plans for asset purchases in early November. Fed's Powell stated that he was hoping for reasonable job growth.
- Crude oil in New York dropped, the dollar was stronger against major peers and bitcoin jumped above $55,000.