Exciting News from PrimePress: The latest updates from Wall Street are in! US stocks took a tumble on Thursday following the Federal Reserve’s announcement signaling upcoming interest rate cuts. Business activities in the US also saw a decline, hitting a four-month low.
Stock Market Stats: The Dow Jones Industrial Average fell 0.45% to 40,707 points, the S&P 500 dropped 0.63% to 5,585 points, and the Nasdaq Composite fell 1.13% to 17,716.
FED Meeting Insights: The US Federal Reserve released minutes on Wednesday, with a majority of policymakers indicating that a September rate cut is on the horizon if data remains consistent with expectations.
Unemployment Trends: The latest data shows a rise in Americans filing new unemployment claims, indicating a stabilizing labor market amidst economic fluctuations.
Market Movers: Shares of Intel Corp. slipped 3.15% to $20.74, while Tesla Inc. saw a 2.58% decline to $217.50 in the US market.
Oil and Gold Highlights:
Climbing prices – Crude oil prices saw a rebound after a downward trend, gaining support from a reduction in US fuel inventories amid concerns about global demand for the commodity.
Crude Price Update: US WTI crude rose 1.86% to $73.27 per barrel, while Brent crude increased by 1.83% to $77.44 per barrel during the day.
Gold Slips: Gold prices dipped by over 1% in Thursday’s session, influenced by a strengthening dollar and higher bond yields.
US Dollar News:
Recovery Alert – The US dollar bounced back from a 13-month low against the Euro on Thursday ahead of US FED Chairman Jerome Powell’s speech at Jackson Hole. The dollar index saw a 0.4% increase on Thursday.
Market Speculations: Rates and currency markets are keeping a close watch on the US easing cycle, with US 10-year benchmark bond yields rising 8 basis points to 3.856% on Thursday.
Anticipated Cuts: The interest rate futures market has fully priced in a 25-basis-point rate cut from the FED in September, with a one-third chance of a 50-basis-point cut.
