US Stock markets drove higher in trading on Friday as expectations for a bigger 50 basis point cut from the Fed this week increased, the market is now pricing in an even chance between a 25 basis points and 50. US treasury yields fell in line with those expectations and the dollar dropped, now sitting just above a 9-month low on the index.
Oil prices fell off in late trading, but Gold was in focus for investors as it once again traded up to new record levels.
There is little on the macroeconomic event calendar today and traders are expecting thinner market conditions in the Asian session with both China and Japan off, but today is very much the exception it what looks like being a very busy week ahead.
Market
Change
Close
Dow
+0.72%
41,394
S&P
+0.54%
5,626
Nasdaq
+0.65%
17,684
USD
-0.05%
101.11
US Treasury – 2 Year
-5.9 bps
3.580%
US Treasury – 10 Year
-2.1 bps
3.659%
Oil – Brent
-0.5%
$71.61
Oil – WTI
-0.5%
$68.65
Gold
+0.8%
$2,576
Today’s Events (AEST):
Asian Session
Japan – Bank Holiday
China – Bank Holiday
US Session
30 pm – US – Empire State Manufacturing Index Data
The post Daily Market Snapshot: US Stocks Surge on Fed Rate Cut Hopes appeared first on ATFX Global – Official Website.
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