Foreign Banks Gain Early Access To Labor Info As Government Botches Yet Another Data Release
Portfolio Pulse from Piero Cingari
Foreign banks gained early access to U.S. labor data due to a delay by the Bureau of Labor Statistics (BLS), raising concerns about data integrity. The SPDR S&P 500 ETF Trust (SPY) saw gains following the eventual release, driven by optimism over potential Federal Reserve rate cuts.
August 21, 2024 | 9:13 pm
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The SPDR S&P 500 ETF Trust (SPY) saw gains after the delayed release of labor data, as traders anticipated Federal Reserve rate cuts.
The delayed release of labor data led to increased optimism about potential Federal Reserve rate cuts, which positively impacted SPY. The ETF reached session highs shortly after the data was made public, indicating a positive market reaction.
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