Revised US consumer price index data showed that the annualized inflation rate in the fourth quarter was unchanged at 3.3%, suggesting that the easing of price pressures over the past year is still intact.
S&P 500 closed above 5,000 for the first time on Friday (09/02/24) and Nasdaq briefly traded above 16,000, as the record run in stocks continued, underpinned by a rally in tech stocks and economic data showing inflation continues to trend lower.
Minneapolis Fed President Neel Kashkari said that the US central bank is not yet done dealing with inflation although it must be recognized that the 3 month and 6-month inflation trends have leveled off quickly to around the Fed’s target of 2%.
All three major US indexes closed slightly higher on Tuesday (06/02/24) as investors digested a number of earnings reports from major US companies as well as comments from Federal Reserve officials on when the first interest rate cut could take place.
A spike in US Treasury yields after Federal Reserve Chairman Jerome Powell’s remarks further dampened hopes of an imminent interest rate cut. In a Sunday interview with a CBS TV show, Powell said that the resilient US economy could provide more time for Fed officials to seek a more cautious approach to rate cuts.
US & European stock markets moved lower on Monday (05/02/24) with the Dow Jones Industrial Average leading US market weakness by shedding 0.7% following a spike in US Treasury yields after Federal Reserve Chairman Jerome Powell’s remarks further dampened hopes of an imminent interest rate cut.
THE FED’S FOMC MEETING held interest rates in place as expected, but it appears that interest rates should still be higher for longer.
The US economy recorded more public sector job additions than expected in January, with Nonfarm Payrolls in the world’s largest economy increasing by 353,000 last month, far more than the 187,000 jobs expected.
All three major US stock indexes recorded their 4th consecutive weekly gain. S&P 500, Dow Jones Industrial Average closed at record levels on Friday on the back of
Meta’s strong earnings report fueling bullishness in big Tech stocks, even as a stronger-than-expected Nonfarm Payroll confounded the Federal Reserve’s rate cut prospects.
