Thursday's Economic Digest: Q3 GDP Revised Downward, Jobless Claims Hold Steady, Philly Fed Manufacturing Declines
Portfolio Pulse from Piero Cingari
Thursday's economic data showed a mixed picture with Q3 GDP growth revised down from 5.2% to 4.9%, jobless claims slightly up but below expectations, and the Philly Fed Manufacturing Index declining more than anticipated. Despite this, U.S. equity futures, including S&P 500, Nasdaq, and Dow Jones, reacted positively in premarket trading. The SPDR S&P 500 ETF Trust (SPY) had fallen 1.4% the previous day.
December 21, 2023 | 1:45 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) is poised for a rebound after a 1.4% drop, as futures indicate a positive market opening despite mixed economic reports.
The positive reaction in equity futures, including those related to the S&P 500, suggests investor sentiment is leaning towards a recovery from the previous day's losses. The SPY ETF, which tracks the S&P 500, is likely to be influenced by this optimism in the short term, despite the mixed economic data.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80