US markets rallied again in trading yesterday after a sharp downwards correction in jobs data and minutes from the Fed’s latest meeting confirming pending rate cuts. Expectations for a 50-basis point cut in September have increased to 37% since the update.
In a continuation of the recent trend, stocks pushed higher, treasury yields, and the dollar fell off whilst Gold remained trading near all-time highs.
The macroeconomic event calendar has its busiest day of the week today, with a raft of Services and Manufacturing Flash PMI data prints due out across jurisdictions, however the next big highlight of the week for investors will be central bank updates from Jackson Hole tomorrow.
| Market | Change | Close |
| Dow | +0.14% | 40,890 |
| S&P | +0.42% | 5,620 |
| Nasdaq | +0.57% | 17,918 |
| USD | -0.16% | 101.22 |
| US Treasury – 2 Year | -7.2 bps | 3.928% |
| US Treasury – 10 Year | -2.6 bps | 3.791% |
| Oil – Brent | -1.49% | $76.05 |
| Oil – WTI | -1.69% | $71.93 |
| Gold | +0.1% | $2,516 |
Today’s Events (AEST):
European Session
- 5.15 pm – France – Flash Services and Manufacturing PMI Data
- 5.30 pm – Germany – Flash Services and Manufacturing PMI Data
- 6.30 pm – UK – Flash Services and Manufacturing PMI Data
US Session
- 10.30 pm – US – Weekly Unemployment Claims Data
- 11.45 pm – US – Flash Services and Manufacturing PMI Data
- 12.00 am – US – Existing Home Sales Data
