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Today Fundamental Analysis: Wall Street Mixed Ahead of Closely Watched PCE Inflation Report
US stock futures edged higher on Wednesday as investors looked for relief after rising Treasury yields continued to pressure equities. Dow futures rose 0.3%, S&P 500 futures 0.2% and Nasdaq-100 futures 0.1%, while the 30-year Treasury yield climbed above 5.6% and the 10-year yield approached 5.3%.
Markets received some support from dovish comments by New York Fed President John Williams, which reduced expectations of an October rate hike to 47% from 70% earlier in the week. Investors now await the PCE inflation report for further clues on the Fed’s policy path, while markets also close out September and the third quarter.
Oil prices fell on Tuesday with crude brent down 2.7% to $96.56 and WTI down 4.8% to $89.70. These declines came as investors focus on potential oil supply recovery after US-Iran negotiations failed to advance during the weekend.
Gold edged lower on Wednesday after briefly recovering from its recent low near $4,100, as traders remained cautious ahead of key US economic data. The main focus is on today’s PCE inflation and final Q2 GDP figures, followed by ISM Manufacturing PMI and Friday’s NFP report.
The data, along with upcoming Fed officials’ speeches, could provide fresh signals on the Fed’s rate path and drive movements in the US dollar, Treasury yields and gold.
In the currency market, USDJPY fell for a second consecutive session toward 157.10. The near-term bias remains bearish.
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