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Daily Market Snapshot: Market Rallies on Soft Landing Hopes – 2 Sept 2024

US markets rallied on Friday as the key PCE Price Index came in on market expectations, increasing hopes of a soft landing for the economy and pushing higher pricing for a 25-basis point cut from the Fed in September.

Treasury yields and the dollar both pushed higher on those rate cut expectation changes while Oil prices dropped on expected OPEC production increases next month.

Traders are expecting to see some volatility again on the Asian open on Monday as news of further increased geopolitical tensions in the Middle East have hit the newswires over the weekend. They will be paying particular attention to Oil, Gold and haven products.

Market Change Close 
Dow +0.55% 41,563 
S&P +1.01% 5,648 
Nasdaq +1.13% 17,713 
USD +0.3% 101.70 
US Treasury – 2 Year +3.2 bps 3.925% 
US Treasury – 10 Year +3.8 bps 3.905% 
Oil – Brent -1.43% $78.90 
Oil – WTI -3.11% $73.55 
Gold -0.9% $2,497 

Today’s Events (AEST): 

US Session

  • US – Bank Holiday        
  • Canada – Bank Holiday

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