US Economy Expands 2.8% In Q2, Tops Estimates; Weekly Jobless Claim Fall
Portfolio Pulse from Piero Cingari
The U.S. economy expanded by 2.8% in Q2 2024, surpassing expectations. The Personal Consumption Expenditure (PCE) price index and Core PCE price index both showed signs of easing inflation. Weekly jobless claims also fell, indicating a resilient labor market. The U.S. dollar index rose slightly, and futures on major U.S. indices trimmed losses.
July 25, 2024 | 12:41 pm
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POSITIVE IMPACT
The U.S. dollar index, tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), rose 0.1% following the positive economic data.
The stronger-than-expected GDP growth and falling jobless claims indicate a robust economy, which typically strengthens the U.S. dollar. This positive sentiment is reflected in the 0.1% rise in UUP.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Futures on the Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:QQQ), were flat after the GDP data, following a significant drop the previous day.
Despite the positive GDP data, the Nasdaq 100 futures remained flat, indicating that the market may still be digesting the previous day's significant losses.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70