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Today Fundamental Analysis: Nasdaq surges to a new record high following PCE inflation data
US stock futures rose on Thursday as investors began a new trading month, with Dow Jones futures up 0.3%, S&P 500 futures 0.5% and Nasdaq-100 futures more than 1% reaching a new record high.
Markets remain focused on the balance between easing inflation and elevated borrowing costs, with the August PCE index rising 3.4% year-on-year, below expectations. The 10-year Treasury yield remained near 5.3%, while investors now turn to jobless claims and Friday’s September jobs report for clues on the Fed’s next move.
US Treasury yields remained near multi-decade highs, as markets continued to price in the possibility of interest rates staying elevated for longer.
Oil prices were broadly unchanged today as improved Middle East supply flows offset concerns over stalled US-Iran talks. Brent slipped 0.1% to $97.88, while WTI fell 0.3% to $90.76
Gold remained under pressure near $4,150 on Thursday after failing to break above $4,200, as elevated oil prices, Treasury yields and a stronger dollar weighed on the non-yielding metal. Although softer-than-expected core PCE inflation briefly reduced October Fed hike expectations to 40% from above 70% earlier in the week, stronger US GDP and ADP employment data renewed pressure on gold.
Markets now focus on US jobless claims, ISM Manufacturing PMI, Fed speeches and Friday’s NFP report for further clues on the Fed’s rate path and gold’s next move.
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