Summary:
-
Philly Fed beats estimates
-
US indices all called to open higher
-
Equities fully recover post FOMC dip
After the major event for US indices of the Fed rate decision last night, the forthcoming US session is relatively quiet on the data front. Two releases before the cash open are worth mentioning with the weekly initial jobless claims coming in at 208k (vs 210k expected and a prior reading of 206k that was revised up by 2k.)
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appMore important than the unemployment indicator is the latest look at manufacturing and the Philly Fed survey provided some good news on this front, with the index for the current month coming in at 12.0 (vs 10.9 exp and 16.8 prior). This is the 3rd consecutive beat on the expected for this metric - and also the 4th in the past 5 months - and could be seen to suggest that US manufacturing is attempting to turn a corner and recover from its slump.
Selected subcomponents of the report are as follows:
-
Employment index: 15.8 vs 3.6 prior
-
Prices paid: 33.0 vs 12.8 prior - highest level since Dec ‘18
-
New orders: 24.8 v 25.8 prior
The move lower in US stocks after what seemed to be a little bit supportive message from their central bank than many had hoped for proved to be short lived with the S&P 500 rallying into the closing bell last night. There’s been further gains seen since then and the index has made a new high for the week in the past hour and seemingly ended the consolidation period that has contained price in recent sessions.
US stocks have pushed higher with the dip seen after the FOMC announcement proving a nice buying opportunity. Price is not just around 16 points (0.5%) from its record peak of 3029. Source: xStation
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
