US Economy Grows Less Than Expected In Q3, Yet Private Employment Soars By 233,000 In October
Portfolio Pulse from Piero Cingari
The US economy grew at a slower rate of 2.8% in Q3, missing expectations, while private employment surged by 233,000 in October. The dollar strengthened, and short-dated yields rose as expectations for a December rate cut diminished. Major US index futures slipped slightly.
October 30, 2024 | 12:57 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw a slight decline in futures following the economic data release, with the S&P 500 futures steady and Nasdaq 100 futures down 0.1%.
The mixed economic data, with slower GDP growth but strong employment, led to a neutral impact on SPY futures. The market is balancing these factors.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) rose 0.3% following the economic releases, driven by stronger employment statistics and a diminished expectation for a December rate cut.
The stronger-than-expected employment data led to a rise in the dollar, benefiting UUP. The diminished likelihood of a December rate cut further supports the dollar's strength.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80