At-a-Glance
Today’s Top Highlights
There was a lot of significant data released today looking at inflation, jobs and GDP helped the equity markets. The Nasdaq led the charge higher trading up just shy of 1% while the S&P and Russell both saw marginal gains. Looking at the data, the Core PCE, GDP, and Initial Jobless Claims all came in lower than expected and New Home Sales also came in worse than expected. Outside of that, there was more news regarding a potential deal in the Middle East pending approval, and the equities were able to finish the day higher in the midst of all of this news. Both the S&P and Nasdaq are trading in “overbought” territory after seeing some selling below that level over the past week, so traders will be looking to see if the rally will continue, which it has from these elevated levels in the past, or if there will be a slight correction.
Along with the equities, Gold and Silver were both able to trade higher today as well after being under pressure yesterday. Both of these markets are still trending lower, but saw some of the “risk-on” movement that the equities saw today. To wrap up the week, traders will see Chicago PMI data that could add volatility headed into the weekend, and heading into next week traders will be looking for news regarding a deal getting done for the Middle East conflict
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