Daily Market Update – Tech Stocks Surge, Fed Dims Rate Cut Hopes
As expected, it was a rollercoaster trading session in New York yesterday as markets reacted to twin updates from the US CPI data and the latest Fed update. CPI numbers came in below expectations spurring hopes of earlier and more rate cuts this year before the Fed later quashed those ideas by advising that given the current data, there is probably only one rate cut coming before we hit 2025.
Tech Stocks ignored any negative connotations and spurred higher to again close at record highs, whilst the Dow lagged again. Treasury yields and the dollar ultimately slid whilst commodities pushed higher.
Traders are anticipating another busy day today with APAC traders focusing on Australia early in the day when we have the latest employment data update. The European session has little to offer, but we have more inflation data out in the states tonight which should see another volatile day on Wall Street.
| Market | Change | Close |
| Dow | -0.09% | 38,712 |
| S&P | +0.85% | 5,421 |
| Nasdaq | +1.53% | 17,609 |
| USD | -0.5% | 104.73 |
| US Treasury – 2 Year | -7.6 bps | 4.4758% |
| US Treasury – 10 Year | -8 bps | 4.322% |
| Oil – Brent | +0.83% | $82.60 |
| Oil – WTI | +0.77% | $78.50 |
| Gold | +0.3% | $2,322 |
Today’s Events:
Asian Session
- 30 am – Australian Employment Change and Unemployment Rate Data
US Session
- 30 pm – US PPI and Core PPI Data
- 30 pm – Unemployment Claims Data
- 00 am – US Treasury Secretary Janet Yellen Speaks
