At-a-Glance
Today’s Top Highlights
*Report was written before the close due to travel schedules*
Markets are seeing a mix in price action finishing out the week with a lot of key economic data being released today. The GDP report came in significantly lower than expected, Core PCE was right in line with expectations, and the JOLTs report came in better than expected. The equity markets are seeing some selling pressure to start the day with the Nasdaq leading the charge lower, but the losses are marginal relative to the selling seen yesterday. The S&P and Nasdaq are now testing the 200-day moving average level on a daily chart, which has been supported so far.
The precious metals are seeing more selling today with Silver and Platinum leading the selling, both trading lower by over 5%. Crude Oil continued its move higher today with slightly less volatility than earlier in the week trading up near 1.3% and is now trading near $96/barrel. As the move in Crude began last week, the market was able to trade higher by $6/barrel this week and saw volatility due to the tensions in the Middle East and the supply concerns that came with that. Next week, we will have the Fed meeting on Wednesday where it looks like rates will remain unchanged due to the Fedwatch, but traders will be listening to the remarks from Powell on the overall state of jobs and inflation.
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