Weekly market outlook đ
đ·Tues: Retail Sales
đ·Wed: Fed Policy Decision, FOMC Dot-Plot, Powell; $MU Earnings
đ·Thurs: Q3 GDP, Jobless Claims, Philly Mfg. Survey, Existing Home Sales; $NKE $FDX Earnings
đ·Fri: PCE Inflation; $CCL Earnings â ïž
đ¶US stocks continued to rise as traders geared up for interest-rate decisions by major central banks across the globe due later this week.
đ¶The S&P 500 jumped 0.5%, led by Broadcom Inc. and Tesla Inc., while the Nasdaq 100 gained more than 1% to reach a record high.
đ¶MicroStrategy Inc. advanced, fueled by its pending inclusion in the tech-heavy gauge following the software makerâs transformation into a leveraged bet on Bitcoin.
đ¶Sentiment in the US is relatively positive, with a widely expected quarter-point rate cut from the Federal Reserve on Wednesday seen as adding fresh support and extending stocksâ outperformance.
đ¶In the US, near-term momentum may depend on what Fed Chair Powell says after the announcement, and whether retail sales or the PCE Price Index catch the market off guard.
đ¶Traders are also parsing fresh economic data. On Monday, data showed that activity at US service providers is expanding at the fastest pace since October 2021. Meanwhile, a measure of New York state factory activity retreated by the most since last May.
