Daily Updates

The S&P 500 and Nasdaq ticked up to fresh record highs in anticipation of a fed funds rate cut tomorrow night.

The S&P 500 ended its fourth positive trading week slightly lower but still close to its record high, while US Treasury yields picked up after the University of Michigan consumer survey suggested a renewed increase in long-term consumer inflation expectations.

All three major US stock indices hit their respective record highs overnight, driven up by a slight further intensification of fed funds rate cut expectations after moderate US CPI inflation figures and more negative news on the US labour market.

The S&P 500 and Nasdaq rose to fresh record highs yesterday, as a surprising decline in US producer prices led to a slight further intensification of fed funds rate cut expectations.

A massive downward revision to US non-farm payrolls and no shortage of geopolitical events were insufficient to prevent another gain on Wall Street overnight. The gold price reached yet another record high, oil prices also ticked up, after Israel launched an attack on Hamas leadership in Qatar.

US equities traded in a narrow range overnight before closing a little higher, with information technology being the best performing sector. The Nasdaq Composite closed at a record high.