Weekly market outlook 📊
🔷Tues: Retail Sales
🔷Wed: Fed Policy Decision, FOMC Dot-Plot, Powell; $MU Earnings
🔷Thurs: Q3 GDP, Jobless Claims, Philly Mfg. Survey, Existing Home Sales; $NKE $FDX Earnings
🔷Fri: PCE Inflation; $CCL Earnings ⚠️
🔶US stocks continued to rise as traders geared up for interest-rate decisions by major central banks across the globe due later this week.
🔶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.
🔶MicroStrategy Inc. advanced, fueled by its pending inclusion in the tech-heavy gauge following the software maker’s transformation into a leveraged bet on Bitcoin.
🔶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 stocks’ outperformance.
🔶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.
🔶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.
