Pirmadienis, 20 gegužės, 2024

US Stock Market Reacts to Economic Data

US stock indexes closed higher on Wednesday as investors analyzed fresh economic data that could impact the Federal Reserve’s interest rate plans. The Dow Jones rose by 38 points, with the S&P 500 and Nasdaq up 0.4% and 0.5%, respectively, boosted by Nvidia and Apple. Updated GDP figures showed slower growth in Q2, and August job creation fell below expectations, according to ADP.

PCE price indexes also rose less than expected. Nvidia and Apple shares climbed 1% and 1.9% after Apple announced an iPhone 15 event on Sept. 12. Insulet gained 6.4% as its CEO increased his stake, while Hewlett-Packard fell 6.6% due to lowered outlook. Investors now await Friday’s US jobs data.

Global Markets

The UK’s 10-year Gilt yield neared 4.4%, driven by weak US private employment figures and Q2 GDP results, raising hopes of a pause in Federal Reserve tightening. Inflation pressures in Europe may lead to more ECB rate hikes. Fed Chief Powell and Bank of England Deputy Governor Ben Broadbent highlighted potential rate hikes.

Gold’s Rise

Gold hit $1,945/ounce due to weaker US data, signaling potential Fed rate hike delays. A weaker dollar and lower US Treasury yields also supported gold. US Q2 growth was slower, and private job growth hit a 5-month low. Germany’s inflation slightly eased, while Spain’s rose, supporting ECB tightening.

Gold Futures
Gold Futures

Heating Oil Futures

US heating oil futures dropped to $3.1/gallon from a 9-month high, following higher-than-expected inventories. The EIA reported a 1.235 million barrel rise in distillate stockpiles. Futures rose 30% since early July, driven by pre-winter demand.

Swiss Franc Strength

The Swiss franc strengthened to 0.875 per USD from a 7-week low, tracking other European currencies. Soft US economic data weighed on the dollar. The Swiss National Bank’s hawkish stance, warning of inflationary pressure, suggests a potential 25-basis-point hike in its September meeting. This view persists despite a slight easing in July’s price growth.

US Stock Market Reacts to Economic Data

Currency Market Snapshot

Top currency gainers: British Pound (0.60%), Euro (0.39%), and Swedish Krona (0.29%).
Biggest losers: Turkish Lira (-0.59%), Dollar Index (-0.33%), and Norwegian Krone (-0.28%).


US stock markets respond to economic data with cautious optimism. Fresh GDP and job figures, along with corporate developments, influence market trends. Future data releases and central bank actions will continue shaping market sentiment in the weeks ahead.


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