-
The rally in US stocks took a breather on Wednesday as traders looked ahead to coming economic data.
-
Weekly jobless claims will be published Thursday, while a slew of Fed officials are set to speak.
-
Major indexes wobbled and bond yields were slightly higher.
US stocks were mostly flat on Wednesday as traders looked ahead to upcoming economic data and a series of Federal Reserve officials set to speak on Thursday.
Major stock averages pulled back slightly after notching a series of record-highs since last week’s rate cut, while bond yields edged up slightly. The 10-year Treasury yield rose three basis points to 3.775%.
Investors are on high-alert for fresh economic signals, particularly as they anticipate more rate cuts from the Fed. Markets are waiting for weekly jobless claims data to roll out Thursday morning, which should give more insight on the strength of the job market.
A lineup of central bankers speakers, meanwhile, is scheduled throughout the rest of this week. Fed Chair Powell will be delivering pre-recorded remarks at the US Treasury Market Conference, which could give investors more guidance on rate cuts through the end of the year.
“Coming off a historic few days sparked by the Federal Reserve’s half-point interest rate cut, Wall Street will have plenty to look forward to this week, including a plethora of central bank speakers,” Art Hogan, the chief market strategist of B. Riley Wealth, said in a note on Wednesday. “Traders will be curious to hear more thoughts on the rate cut and any guidance on further monetary policy easing.”
For now, investors are still anticipating hefty policy easing from the Fed in the coming months. Markets have priced in a 58% chance the Fed will follow up its last rate move with another 50 basis point cut in November, up from 37% odds priced in a week ago, according to the CME FedWatch tool.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:
Here’s what else is going on today:
In commodities, bonds, and crypto:
-
West Texas Intermediate crude oil dropped 1.51% to $70.48 a barrel. Brent crude, the international benchmark, fell 1.25% to $73.54 a barrel.
-
Gold ticked higher 0.27% to $2,664.11 per ounce.
-
The 10-year Treasury yield inched up three basis points to 3.775%.
-
Bitcoin traded flat at $63,481.
Read the original article on Business Insider
Read the full article here
