September Inflation Hotter Than Expected, Jobless Claims Spike The Most In Over A Year, Clouding Fed's Interest Rate Outlook (UPDATED)
Portfolio Pulse from Piero Cingari
September's inflation data showed a slower decline than expected, with core inflation rising unexpectedly. Jobless claims spiked, complicating the Federal Reserve's interest rate outlook. Market reactions included a higher probability of a rate cut, a drop in the U.S. dollar index, and slight declines in major U.S. indices.
October 10, 2024 | 1:07 pm
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NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average ETF (DIA) mirrored the broader market move with futures slightly down following the economic data release.
Similar to SPY, DIA futures experienced a slight decline as the market reacted to the unexpected jobless claims and inflation data, suggesting a short-term negative impact.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw futures trade slightly lower by 0.2% in premarket trading following the inflation and jobless claims data.
The mixed economic data led to a slight decline in SPY futures, indicating a short-term negative impact as investors digest the implications for interest rates and economic growth.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) saw its session gains erased as Treasury yields cooled following the unexpected rise in jobless claims.
The unexpected rise in jobless claims led to a cooling of Treasury yields, which negatively impacted the U.S. dollar index, tracked by UUP. This suggests a short-term negative impact on UUP.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80