- U.S. indexes are making up for declines after a weaker opening. The S&P 500 is already losing just 0.1%, the Dow Jones is up 0.2%, the Nasdaq 100 is down 0.3% and the Russell 2000 is losing almost 0.6%. Despite the 'three hags' day, volatility in the markets is relatively low
- Waller's comments from the Fed supported the sentiment of stock indexes. Waller indicated that the Fed expects a much weaker PCE reading and expects a further strong decline in inflation, which at some point could even be a 'worry' for Fed
- The markets were reassured by the comment that the Fed will loosen policy sharply, and the belief vis-à-vis strong 'disinflation' is to expect a further, aggressive cycle of reductions in the US
- Disappointing FedEx results push the company's stock price down -13% to its lowest level since June this year. UPS (-2.5%) is also trading down on a wave of concerns about the state of the delivery company sector.
- The company last quarter posted its weakest profitability since 2009, in addition to weaker-than-forecast profits and revenues, and disappointed forecasts.
- Elliot Hill has been named Nike's new CEO. The CEO change comes after four years of John Donahoe. Hill's return is perceived as an opportunity to turn around Nike's earlier strategies. Following this news, the company's stock price is gaining more than 6%.
- Constellation Energy's shares are up more than 20% and rising to all-time highs on news of the reopening of the Three Miles Island nuclear power plant, which will power Microsoft's data centers
- Shares of uranium companies are also gaining in response to the deal. Cameco is up 8%, and Uranium Energy Corp is up almost 5%. Stronger interest in nuclear power could lift demand for uranium ore
- European indices have seen a correction after likely realizing gains following yesterday's rally. The DAX and CAC40 are losing -1.5% today, the FTSE 100 is down 1.2%, and Italy's IT40 is down 0.8%. The Stoxx Europe 600 ntouches a -1.4% discount.
- The bond market is seeing a rebound in yields today. Yields on U.S. 10-year bonds are up slightly to 3.73% (+1.5 bps), while German 10-year notes rose +1 bps to 2.2%.
- Among the G10 currencies, the Japanese yen is the weakest performer, losing 0.9% against a basket of currencies today after the Bank of Japan decided to leave interest rates unchanged.
July retail sales in Canada rose above expectations. At the same time, the producer price index reading for August shows a -0.8% decline. This set of data supports a scenario in which the Bank of Canada can overcome inflation without driving the economy into recession.
Retail sales (m/m): 0.9%
- Forecast: 0.6%
- Previously: -0.3%
Retail sales excluding vehicles (m/m): 0.4%
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Open real account TRY DEMO Download mobile app Download mobile app- Forecast: 0.3%
- Previously: 0.3%
- Sentiment of the cryptocurrency market is still quite mixed; the price of Bitcoin has fallen below $63,000. Gold records further gains and is up 1.2% today to all-time highs, above $1,618 per ounce amid dovish signals from the Fed and further 'disinflation' optimism
- NATGAS gains after the rollover to $2.72 per MMBtu. Among agricultural commodities, SUGAR posted the strongest gains today, while COFFEE contracts settled down nearly 3%. COTTON on ICE gave back some of the gains and retreated to $73.5 a bale
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