Pre-Market Report – Thursday 2 May: Fed Leaves Rates Unchanged | NAB and WOW in Focus
Wall Street closed mixed overnight after the Fed held rates unchanged, as expected. The policy statement was largely unchanged but noted a lack of progress towards the 2% inflation goal in recent months. Powell’s conference speech was less hawkish than anticipated. He noted that the next meeting is unlikely to be a rate hike and that he is not seeing any evidence of stagflation. Dow up 87 points (+0.23%). Up 533 points at best, down 35 points at worst. S&P 500 and NASDAQ fell 0.34% and 0.33%, respectively. Bonds rallied after Powell downplayed the possibility of interest rate hikes, with the 2Y yields falling back below 5% and the 10Y yield eased 4.1bps in a volatile session. On the economic front, US job openings tumbled to a 3Y low falling 325k from the previous month, and US ISM Manufacturing PMI contracted, falling to 49.2 in Apr-24.
ASX to fall. SPI Futures down points (-0.07%).
NAB and WOW in focus.
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