Market Overview: Key Developments and Movements

US Equities:

  • US futures, including the S&P 500 and Nasdaq 100, saw a 0.3% uptick ahead of an anticipated Federal Reserve announcement regarding interest rates.
  • Instacart Inc. (CART) witnessed a decline in premarket following a notable surge after its major IPO.
  • The Fed might retain rates due to inflation slowdown, yet there’s speculation about another rate rise come November. The focus will be on Fed officials’ interest rate predictions.

 European Market:

  • European stocks saw a rise, while the pound experienced a dip after a surprise decrease in UK inflation.
  • The pound decreased by 0.5% against the dollar, reaching a low since May, hinting at the Bank of England concluding its rate hikes. UK bonds surged.
  • UK’s Consumer Prices Index went up by 6.7% YoY in August, lesser than the anticipated 7%.

Bonds & Crude:

  • US Treasury yields witnessed a decrease following a rise in rates on five- and 10-year notes, which touched the highest since 2007.
  • Brent crude’s price declined under $94 per barrel, yet prices remain near a 10-month peak, indicating persistent inflation concerns.

Upcoming Key Events:

  • Federal Reserve policy meeting and news conference (Wednesday).
  • Bank of Canada’s summary from its September meeting (Wednesday).
  • Meetings and reports in the Eurozone and from the Bank of England (Thursday).
  • Summits and decisions in China and Japan (Friday).

Market Movements Snapshot:

  • S&P 500, Nasdaq 100, and Dow Jones futures all rose by 0.3%.
  • The Stoxx Europe 600 surged by 0.8%.
  • The Bloomberg Dollar Spot Index slightly decreased by 0.1%.
  • Cryptocurrencies: Bitcoin dropped by 0.4%, and Ether decreased by 0.9%.
  • 10-year Treasury yields in the US, Germany, and Britain showed declines.
  • West Texas Intermediate crude went down by 0.8%, while gold remained stable.

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About the Author

Market Overview: Key Developments and Movements

Ashlee Vogenthaler

Markets Editor