US markets experienced a mixed trading day overnight ahead of key updates from the states due out later today. Some of the usual correlations broke down as investors reacted to fresh updates and prepared for key inflation data and the Fed meeting conclusion. Tech stocks on Wall Street rallied again, pushing both the Nasdaq and S&P to fresh closing highs, whilst new fears for regional banking forced the Dow lower.
Strong demand for the 10-year bond auction hit treasury yields but could not keep the dollar down as it moved up to trade at 1-month highs while Commodities edged higher in recent ranges ahead of tonight’s updates.
There are big risk events in all three trading sessions today, with Chinese inflation data and UK GDP numbers featuring in the first two sessions, but without a doubt the main focus of the day will come in the New York session with the day bookended by those key US releases.
| Market | Change | Close |
| Dow | -0.31% | 38,747 |
| S&P | +0.27% | 5,375 |
| Nasdaq | +0.88% | 17,343 |
| USD | +0.11% | 105.26 |
| US Treasury – 2 Year | -4.7 bps | 4.838% |
| US Treasury – 10 Year | -5.7 bps | 4.412% |
| Oil – Brent | +0.4% | $81.92 |
| Oil – WTI | +0.2% | $77.90 |
| Gold | +0.1% | $2,312 |
Today’s Events:
Asian Session
- 11.30 am – Chinese CPI and PPI Data
European Session
- 4.00 pm – UK GDP Data
US Session
- 10.30 pm – US CPI and Core CPI Data
- 4.00 am – US Federal Reserve Rate Decision, Statement and Economic Projections
- 4.30 am – US Federal Reserve Press Conference
- 5.15 am – Bank of Canada Governor Tiff Macklem Speaks
