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[Platinum Insights] (5.3.23)
[Platinum Insights] (5.3.23)
August 22, 2023
Good morning.
US stock futures were little changed this morning as market participants cautiously awaited the Federal Reserve’s interest rate decision.
Does the Fed signal that it’s done hiking, or will it leave open the option of tightening even more if it judges that more needs to be done to fight inflation? We will find out later this afternoon.
Data from the JOLTS showed that job openings in the United States fell to a near two-year low in March. At the same time, fresh PMI data showed that inflation picked up during April, underscoring the stubbornness of price growth to higher borrowing costs. Investors will also look ahead to the latest ADP jobs and services PMI data on today, as well as more corporate earnings reports.
In earnings news, Ford Motor beat analysts’ expectations on the top and bottom lines in its latest quarter, as did coffee chain Starbucks. However, both stocks declined in the premarket. Shares of Eli Lilly rose more than 3% after the pharmaceutical company released clinical trial data showing its donanemab drug slowed the progression of Alzheimer’s disease.
WTI crude futures fell over 2% to under $70 per barrel. Gold prices held around $2,015 an ounce while the yield on the US 10-year Treasury note fell back to under the 3.45% level.
In regular trading on Tuesday, the Dow fell 1.08%, the S&P 500 dropped 1.16% and the Nasdaq Composite tumbled 1.08%, with ten out of 11 S&P sectors finishing lower.
Have a great day!
This information is for educational purposes and is not a recommendation to buy or sell a security.
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