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- Stocks Secure A Third Straight Weekly Gain
Stocks Secure A Third Straight Weekly Gain
More PCE progress, Dish & DirecTV's $9b deal, and Novo Nordisk's potential reversal.
NEWS
Stocks Secure A Third Straight Weekly Gain
Source: Tenor.com
Stocks closed out another week in the green with mixed daily performance. What was up went down, and what was down went up as the energy sector led and technology lagged. All eyes turn to the jobs data next week as investors look to position their portfolios for what could be a volatile Q4 and election season. š
Today's issue covers progress in the Fedās preferred inflation metric, Novo Nordiskās potential downside reversal., and why Dish and DirecTV may end up together after all. š°
Hereās the S&P 500 heatmap. 8 of 11 sectors closed green, with energy (+2.04%) leading and technology (-0.93%) lagging.
Source: Finviz.com
And here are the closing prices:
S&P 500 | 5,738 | -0.13% |
Nasdaq | 18,120 | -0.39% |
Russell 2000 | 2,225 | +0.67% |
Dow Jones | 42,313 | +0.33% |
Most bullish/bearish symbols on Stocktwits at the close: š $ZCMD, $TCTM, $IONQ, $CMCT, $ARDX š $SCHL, $OCFT, $ACHC, $LVS, $CMTL*
*If youāre a business and want to access this data via our API, email us.
ECONOMY
Fedās Preferred Inflation Measure Pushes Lower š
The personal consumption expenditures price index rose 0.1% MoM in August, with the annual rate falling to 2.2% from Julyās 2.5% rate. Thatās the lowest reading since February 2021
Excluding food and energy, core PCE rose 0.1% MoM and 2.7% YoY, essentially in line with expectations as some analysts say it remains āall quiet on the inflation front.ā š¤«
Source: CNBC.com
Personal incomes and spending both rose 0.2% MoM, below their respective estimates of 0.4% and 0.3%. Still, investors care less on inflation and more about the labor market, eying next weekās labor market data to signal whether the Fedās next cut will be 25 or 50 bps. š®
Meanwhile, Richmond Fed president Tom Barkin urges caution on interest rate cuts because inflation has not been defeated. He shares the more conservative outlook that the Fed should wait for further progress before aggressively easing.
Lastly, consumer confidence improved for the third straight month to its highest reading since April, as their outlook for the economy continued to tick higher while inflation expectations stayed flat.
Time will tell which view on inflation is correct. But for now, the downward progress continues, giving bulls the confidence to continue pressing equity market (and other risk asset) prices higher. š
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