At-a-Glance
Today’s Top Highlights
Today, the equity indices futures markets, including the S&P and Nasdaq, have been characterized by cautious, range-bound trading as investors digest a batch of delayed economic data. While the markets entered the session with positive momentum from a three-day winning streak, the indices hovered near the flatline or drifted slightly lower in morning trade. Traders are currently balancing a massive 4.3% GDP growth figure against the risk that the Federal Reserve may stay on hold for longer, especially with rates staying stubbornly high near the 4.15% mark on the 10-year Treasury. The S&P and Nasdaq both did finish the day slightly higher while the Russell did trade lower.
The primary driver of today's market action was the long-awaited release of Third-Quarter GDP, which showed the U.S. economy expanded at a robust 4.3% annual pace. This figure, released after months of delays due to the earlier government shutdown, shattered economist expectations of a 3% growth rate and represents the strongest economic performance in two years. Traders also saw consumer confidence come in lower than expected, and other markets performed extremely well such as Silver trading up over 4% on the day.
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