Last Night's Market Recap
S&P 500 - Heatmap
Overnight – Equities grind higher into Fed Meeting
The S&P 500 and Nasdaq reached new record highs, driven by a strong performance in the technology sector ahead of the Federal Reserve’s interest rate decision and upcoming inflation data.
Investors are cautious ahead of the Fed meeting conclusion on Wednesday, where interest rates are expected to remain unchanged. Analysts are looking to see how many rate cuts the Fed will signal for 2024, with updated projections likely indicating two 25-basis point cuts. Citi economists now anticipate the Fed to begin rate cuts in September, following stronger-than-expected May jobs data.
Additionally, Consumer Price Index (CPI) inflation data, due Wednesday, is expected to show inflation well above the Fed’s target range, influencing market movements ahead of Fed Chair Jerome Powell’s press conference.
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The Day Ahead
ASX SPI 7805 (-0.45%)
The materials sectors is likely to be the weakest sector with heavy falls in gold and silver over the 3 day break