Wall Street: in a holding pattern ahead of PCE inflation
Half an hour before the opening, Dow Jones futures were up 0.1%, but Nasdaq 100 futures were down 0.2%, heralding an uncertain start to the session.
With the exception of the Nasdaq, New York's major stock indices have managed to set a string of records in recent days, despite a tense episode in the bond compartment.
But the yield on 10-year Treasuries is back on a downward trend this morning, falling back below 4.25% on the back of lacklustre economic statistics.
The small fall in weekly jobless claims and the timid rebound in durable goods orders had no notable impact on the trend.
As for US economic growth, it was confirmed without surprise at +2.8% as forecast for the third quarter, according to the Commerce Department, i.e. a slight slowdown on the 3% rise recorded in the second quarter.
Investors are awaiting data on household income and spending, which incorporate the PCE price index, the Fed's preferred measure of inflation, before taking a position before the weekend.
These figures, which will be released half an hour after the opening, could strengthen or weaken the scenario of a rate cut in December, currently assessed at 66% by market operators according to the Fed's FedWatch barometer.
Investors' reaction to the statistics will be decisive, as Wall Street will be closed on Thursday and will only reopen for half a trading session on Friday.
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