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Daily Market Snapshot: Powell Projects 50 Basis Points Cuts By Year-End

US Stock markets pushed higher again in trading yesterday despite Fed Chair Jerome Powell advising that he sees just another 50 basis points of cuts into the end of the year.

Treasury yields and the dollar pushed higher after the update whilst Oil prices traded in familiar ranges. Gold took another step lower off recent all-time highs, yet remains at elevated levels.

The data calendar starts to pick up today with key data due out of the Eurozone and we have the first of the US jobs numbers for the week later in the day.

Market	Change	Close
Dow	+0.04%	42,330
S&P	+0.42%	5,762
Nasdaq	+0.38%	18,189
USD	+0.42%	100.86
US Treasury – 2 Year	+8.8 bps	3.651%
US Treasury – 10 Year	+4.9 bps	3.800%
Oil – Brent	-0.08%	$71.77
Oil – WTI	-0.01%	$68.17
Gold	-0.9%	$2,634

Today’s Events (AEST):

Asian Session

00 am – New Zealand – NZIER Business Confidence Data
30 am – Australia – Retail Sales Data

European Session

00 pm – Eurozone – Core CPI Flash Estimate Data
00 pm – Eurozone – CPI Flash Estimate Data

US Session

45 pm – US – Final Manufacturing PMI Data
00 am – US – ISM Manufacturing PMI Data
00 am – US – JOLTS Job Openings Data

Last Updated: October 1, 2024

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