Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Economy

Wall Street futures slip as markets reprice rate path ahead of busy week

admin by admin
October 7, 2024
in Economy
0
Wall Street futures slip as markets reprice rate path ahead of busy week
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

(Reuters) – U.S. stock index futures slipped on Monday as investors dialed back bets on the scope of the Federal Reserve rate cuts this year, ahead of key inflation data, policymakers’ comments and the third-quarter earnings season that starts later this week.

Investors are pricing in an over 93% chance of a 25 basis point rate cut at the Fed meeting in November, according to the CME’s FedWatch tool. Just a week ago, markets were hopeful of a second, outsized 50 basis point reduction.

However, a bumper September non-farm payrolls report last Friday showed the economy unexpectedly added the most number of jobs in six months, pointing to a still-robust jobs market.

Meanwhile, U.S. Treasury yields rallied, with the yield on benchmark 10-year notes touching its highest since early August.

The rise in yields pressured rate-sensitive megacap growth stocks, pulling down Nvidia (NASDAQ:NVDA) 1.5%, Amazon.com (NASDAQ:AMZN) 2.1% and Apple (NASDAQ:AAPL) 1.5% in premarket trading.

Among other movers, shares of Pfizer (NYSE:PFE) rose 2.7% after a report that activist investor Starboard Value has taken a roughly $1 billion stake in the drug giant.

At 5:31 a.m. ET, U.S. S&P 500 E-minis were down 32.75 points, or 0.56%, Nasdaq 100 E-minis were down 148 points, or 0.73%, and Dow E-minis were down 197 points, or 0.46%.

While markets continue to fine tune its expectations for interest rate cuts, most market watchers remain optimistic about the underlying strength of the economy and outlook for equities.

Goldman Sachs raised its 2024 year-end S&P 500 target to 6,000 from 5,600, and also lowered its odds of a U.S. economic recession to 15% from 20%.

The benchmark S&P index closed Friday just above 5,751, while the Dow Jones Industrial Index notched a record closing high after the jobs report.

The consumer price index data, this week’s most closely watched data event, is due on Thursday.

Several Fed officials are also slated to speak this week, with comments expected from Michelle Bowman, Neel Kashkari, Raphael Bostic and Alberto Musalem later on Monday.

Third-quarter earnings for S&P 500 companies also begin this week, with major banks including JP Morgan Chase (NYSE:JPM), Wells Fargo and BlackRock (NYSE:BLK) scheduled on Oct. 11.

Earnings will be a significant test for Wall Street’s rally this year – the S&P 500 is up about 20% year-to-date and stands near record highs.

Other risks also remain on the table, including escalating geopolitical tensions in the Middle East.

This post appeared first on investing.com

Previous Post

Too early to call a burst in China property buying a recovery, analysts say

Next Post

Chevron to sell assets worth $6.5 billion to Canadian Natural Resources

admin

admin

Next Post
Chevron to sell assets worth $6.5 billion to Canadian Natural Resources

Chevron to sell assets worth $6.5 billion to Canadian Natural Resources

Trending News

Long ACN: bullish reversal from ascending triangle support with strong AI catalyst and MA confirmation

Long ACN: bullish reversal from ascending triangle support with strong AI catalyst and MA confirmation

April 29, 2025
AUD/USD analysis: outlook ahead of US retail sales data

AUD/USD analysis: outlook ahead of US retail sales data

January 16, 2025
Nasdaq Composite index forms a risky pattern, pointing to a reversal

Nasdaq Composite index forms a risky pattern, pointing to a reversal

November 1, 2024
Subscribe to Insightful Word


    Recent News

    S&P 500 nears record high despite headwinds: key drivers behind the surprise rally

    S&P 500 nears record high despite headwinds: key drivers behind the surprise rally

    June 26, 2025
    Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high

    Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high

    June 26, 2025
    S&P 500 nears record high as Wall Street opens higher amid tech momentum

    S&P 500 nears record high as Wall Street opens higher amid tech momentum

    June 26, 2025
    Galaxy Digital launches $175 million fund to back DeFi and stablecoin startups

    Galaxy Digital launches $175 million fund to back DeFi and stablecoin startups

    June 26, 2025

    Recent News

    S&P 500 nears record high despite headwinds: key drivers behind the surprise rally

    S&P 500 nears record high despite headwinds: key drivers behind the surprise rally

    June 26, 2025
    Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high

    Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high

    June 26, 2025

    Latest News

    • S&P 500 nears record high despite headwinds: key drivers behind the surprise rally
    • Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high
    • S&P 500 nears record high as Wall Street opens higher amid tech momentum

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.