US Economic Growth Upwardly Revised To 3.4% In Q4, Jobless Claims Slow: Thursday's Economic Digest (UPDATED)
Portfolio Pulse from Piero Cingari
U.S. GDP growth for Q4 2023 was revised up to 3.4%, indicating solid economic activity despite a deceleration from the previous quarter's 4.9%. The revision was due to increased consumer spending and government investment, offset by lower private inventory and exports. Meanwhile, jobless claims were lower than expected, suggesting a strong labor market. The U.S. dollar strengthened following Fed remarks, impacting the Invesco DB USD Index Bullish Fund ETF (UUP), while the SPDR S&P 500 ETF Trust (SPY) reached a record high.
March 28, 2024 | 12:46 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) reached an all-time high, closing at $523.17, reflecting investor optimism in the market.
SPY's record high close is a direct result of investor optimism, likely fueled by the positive economic indicators such as the revised GDP growth and lower jobless claims. This suggests a positive short-term outlook for SPY.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) traded 0.3% higher following hawkish Fed remarks, indicating a stronger U.S. dollar.
The UUP's increase is directly linked to the strengthening of the U.S. dollar after Fed Governor Christopher J. Waller's comments. This suggests a positive short-term impact on UUP as market sentiment aligns with a stronger dollar.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80