Good morning, OP Members! Here’s your quick market briefing before the bell.
1. Futures Dip After Record Highs
US stock futures are edging lower after the S&P 500 closed at its second consecutive record high. Yesterday’s market optimism followed China’s announcement of new stimulus measures aimed at boosting their economy. This sparked a rally in Chinese stocks and a surge in metals like copper and lithium, benefiting miners.
However, today’s sentiment is being weighed down by a US consumer confidence report, which showed an unexpected drop due to labor market concerns. Investors are keeping a close eye on how this data may shape the broader market direction.
2. Fed Watch: Governor Kugler to Speak
The focus is now on Federal Reserve Governor Adriana Kugler, who is set to speak at 16:00 ET at Harvard. Markets will be listening closely to see if she comments on last week’s large interest rate cut, especially after Fed Governor Michelle Bowman defended her vote against it. Expect more Fed chatter throughout the week, including from Chair Jerome Powell.
3. US Probing SAP and Carahsoft Over Potential Price Fixing
The DOJ is investigating SAP and reseller Carahsoft for potentially overcharging US government agencies. FBI raids were reported at Carahsoft’s Virginia office, signaling a serious case that could disrupt both companies’ stock prices.
4. Gold Hits a Record
Gold prices soared to new highs before dipping slightly. The metal continues to draw safe-haven demand amid Middle Eastern tensions and expectations of lower interest rates. Traders are watching Friday’s Fed inflation data for further signals.
5. Oil Slips After Chinese Stimulus
Oil prices dipped as traders reconsidered how much impact China’s stimulus will actually have on the global crude market. However, US crude stockpiles fell last week, offering some support to the market.
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