US Stock markets took another hit in trading yesterday as strong data reinforced the more hawkish stance that the Fed took at their last meeting. The Dow was the standout mover on the day, dropping in excess of 1.5% whilst the more tech heavy S&P and Nasdaq were buoyed somewhat by surging Nvidia stock which jumped over 9%.
US treasury yields and the dollar pushed higher once again as strong PMI prints in the states helped to push back rate cut expectations.
It looks to be a smoother trading day ahead for investors with a more muted event calendar scheduled with the main highlights being the UK Retail Sales data and University of Michigan Sentiment numbers in the US.
| Market | Daily Change | Close |
| Dow | -1.53% | 39,065 |
| S&P | -0.74% | 5,267 |
| Nasdaq | -0.39% | 16,734 |
| USD | +0.2% | 105.11 |
| US Treasury – 2 Year | +5.5bps | 4.933% |
| US Treasury – 10 Year | +4.1bps | 4.474% |
| Oil – Brent | -0.7% | $81.36 |
| Oil – WTI | -0.9% | $76.87 |
| Gold | -1.8% | $2,336 |
Today’s Events AEST:
Asian Session
- 9.30 am – Japanese Core CPI Data
European Session
- 4.00 pm – UK Retail Sales Data
- 5.45 pm – SNB Chairman Thomas Jordan Speaks
US Session
- 10.30 pm – Canadian Retail Sales Data
- 10.30 pm – US Durable Goods Data
- 12.00 am – US University of Michigan Consumer Sentiment and Inflation Expectations Data
