At-a-Glance
Today’s Top Highlights
After a slightly positive day yesterday for the equities, the S&P, Nasdaq and Russell are all trading lower, led by the Nasdaq trading down about 2% on the day. There were reports of fears of the valuations of many companies being overvalued, and the equity indices fell along with many markets. The precious broadly sold off today led by Copper to the downside, and the Crypto futures also saw extreme selling pressure with Ether leading the way lower down over 11%. A lot of these markets seem to be in a cooling period after reaching new all time high levels earlier this year, but buyers will need to step in or the selling across the board may continue.
Not only are the futures markets volatile, but the probabilities of interest rate cuts are seeing large swings as well. Looking historically at the CME Fed Watch Tool over the last year, you can see the recent peak in probability of an interest rate cut of 25-basis points, and the subsequent drop in that probability. This tool is still saying there is a 70% probability of this cut in December, but that probability only a few weeks ago was near 100%, showing this figure can change rapidly based on the economy.
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