Positive sentiment was evenly spread across regional markets, with US stocks registering year-to-date highs (mainly thanks to the help of Tech sector giants); fueled by bets the Federal Reserve will finally put the brakes on interest rate hikes.
US Treasury yields tumbled after data showing jobless claims jumped to 20-month highs stoked expectations for a Federal Reserve to pause the interest rates next week.
Uncle Sam’s stock market closed higher on Thursday (08/06/23) thanks to the regain in technology sector, which was fueled by falling government bond yields after data showing jobless claims jumped to 20-month highs stoked expectations for a Federal Reserve to pause the interest rates next week.
Investors took profits after a megacap stocks rallied over the past month, ahead of the release of Inflation data and the US central bank meeting decision next week.
The US stocks closed mixed, with the Dow Jones being the only index in green amid weakness in the S&P 500 and Nasdaq as investors took profits after a megacap stocks rallied over the past month, ahead of the release of Inflation data and the US central bank meeting decision next week.
Investors are in a Wait & See position waiting for Inflation data and the Federal Reserve’s move at next week’s meeting. Fed fund futures indicate traders have priced in a near 80% chance that the central bank will hold interest rates in the 5%-5.25% range, according to CMEGroup’s Fedwatch tool.
US stocks closed in positive territory on Tuesday (06/06/23) on the back of rising financial sector stocks, as investors awaited inflation data and the Federal Reserve’s move at next week’s meeting.
Market participants calculate an 80% probability of the US Federal Reserve to hold the pace of interest rate hikes at the upcoming FOMC Meeting on June 13-14, as reported by the CME Group Fedwatch Tool.
All three major US stock indexes had to close in negative territory after market participants priced in the possibility of the US Federal Reserve pausing the pace of interest rate hikes at the upcoming FOMC Meeting on 13-14 June.
