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HomeUncategorizedMarket Watch: GameStop Jumps, Futures Slide Ahead of Key Job Data.

Market Watch: GameStop Jumps, Futures Slide Ahead of Key Job Data.

Market Watch: Dow futures contract experienced a 0.2% drop, S&P 500 futures fell by 0.3%, and Nasdaq 100 futures fell by 0.4%.

Stock futures drop amid volatile session, while GameStop shares rise amid rally fueled by Keith Gill’s return to Reddit, while traders await key job openings data.

U.S. jobs data

Investors will analyze U.S. job openings data on Tuesday, as the Labor Department’s JOLTS report fell to 8.37 million in April, potentially signaling easing labor market conditions. This could boost hopes for Fed rate reductions later this year, as a cooling in worker demand could defuse upward pressure on wages and inflation. Fed policymakers are expected to hold borrowing costs at 5.25% to 5.50%.

GameStop gains

GameStop shares rose by over 8% in extended hours trading after stock influencer Keith Gill held onto gains in his holdings. Gill, known as “DeepF——-Value” and “Roaring Kitty”, posted a screenshot on Reddit showing he had made a $116 million bet on the company. Gill also held on to his stake of 5 million GameStop shares and 120,000 call options.

Illumina’s Grail cancer testing division

Illumina has approved a spin-off of its Grail cancer testing division, which was previously ordered by U.S. trade regulators to reduce competition in the market. The move is expected to occur on June 24, with the unit listed on Nasdaq as “GRAL.” Illumina’s CEO, Jacob Thaysen, said the announcement marks a significant milestone for the company.

Economic Calendar

  • Auto sales
  • 10:00 Factory Orders
  • 10:00 Job Openings and Labor Turnover Survey

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Recent data indicating a possible cooling in the U.S. economy have alleviated some persistent inflation concerns, fueling hopes that the Federal Reserve will start to bring interest rates down from more than two-decade highs as soon as September. Along with the Dow, the benchmark  and tech-heavytouched record marks last week.

The durability of the strength on Wall Street will likely be tested by a fresh batch of corporate results this week, including quarterly returns from artificial intelligence darling Nvidia (see below). Durable goods and consumer sentiment data will also be in focus as markets hunt for more evidence that growth is moderating enough to give the Fed justification for rolling out rate cuts this year.

Recent data indicating a possible cooling in the U.S. economy have alleviated some persistent inflation concerns, fueling hopes that the Federal Reserve will start to bring interest rates down from more than two-decade highs as soon as September. Along with the Dow,

The durability of the strength on Wall Street will likely be tested by a fresh batch of corporate results this week, including quarterly returns from artificial intelligence darling Nvidia (see below). Durable goods and consumer sentiment data will also be in focus as markets hunt for more evidence that growth is moderating enough to give the Fed justification for rolling out rate cuts this year.

arket Watch MMarket Watcharket Watch

MFitch Ratings has downgraded China’s credit rating outlook to “Negative” from “Stable” due to concerns over growing public debt and slowing growth in the world’s second-largest economy. The agency affirmed China’s rating at A+, citing increasing risks to China’s public finance outlook. Concerns over slowing economic growth have grown in recent months, with Fitch expecting gross domestic product growth to fall to 4.5% in 2024.

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U.S. inflation data for February is expected to provide insights into the future direction of Federal Reserve monetary policy. The overall consumer price index (CPI) is expected to match the previous month’s pace of 3.1% annually, with the core CPI expected to slow to 3.7% from 3.9% in January. However, the month-on-month gauge is expected to shed light on price gains momentum.

Fed officials have made cooling inflation the main objective of interest rate hikes, which have brought borrowing costs to over two-decade highs. They suggest cuts may be coming later this year, but need more evidence that price growth is sustainablely easing back down to their 2% annualized target. Analysts at ING believe inflation is likely too hot for comfort.

U.S. inflation data for February is expected to provide insights into the future direction of Federal Reserve monetary policy. The overall consumer price index (CPI) is expected to match the previous month’s pace of 3.1% annually, with the core CPI expected to slow to 3.7% from 3.9% in January. However, the month-on-month gauge is expected to shed light on price gains momentum.

Fed officials have made cooling inflation the main objective of interest rate hikes, which have brought borrowing costs to over two-decade highs. They suggest cuts may be coming later this year, but need more evidence that price growth is sustainablely easing back down to their 2% annualized target. Analysts at ING believe inflation is likely too hot for comfort.

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