17/09/2024 Evening Reports
The US dollar edged higher against most major trading partners early Tuesday, with a small decline against the euro, as markets await a busy day of economic data. Key reports include August retail sales and the New York Federal Reserve’s services reading for September, both scheduled for 8:30 am ET.
Other data releases include weekly Redbook same-store sales at 8:55 am ET, the Fed’s industrial production report for August at 9:15 am ET, and business inventories and the National Association of Home Builders’ confidence index for September at 10:00 am ET. The Atlanta Fed’s GDP Nowcast estimate is expected to be updated around midday.
According to the CME FedWatch tool, there is currently a 65% probability of a 50 basis point rate cut in Wednesday’s Federal Open Market Committee (FOMC) announcement, while a 35% chance remains for a smaller 25 basis point reduction.
Federal Reserve officials remain in a ‘quiet period’ ahead of the FOMC’s policy decision.
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US Stock Futures Rise Ahead of Key Economic Data and Anticipated Fed Rate Cut
US equity futures advanced, with S&P 500 contracts signaling a potential seventh consecutive day of gains as traders await the release of critical retail sales data before the Federal Reserve’s interest rate decision.
Microsoft boosted sentiment by raising its dividend and announcing a $60 billion stock buyback, while Intel surged 8.3% after securing new business from Amazon.
Investor focus remains on the Fed’s meeting, with debate continuing on whether the central bank will implement a 25 or 50 basis-point cut.
Retail sales rose 0.1% in August, surpassing expectations of a 0.2% decline.
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