Pre-Market Report – Monday 27 May: Bounce Expected | US Holiday
Wall St bounced back from Thursday losses with a strong session overnight. The Dow Jones finished flat while the S&P 500 and NASDAQ gained 0.7% and 1.1%. The utilities and technology led rally came after economic data indicated a strong US economy with falling inflation expectations. Core capital goods orders increased by 0.3% vs expectations of a 0.1% rise. This is seen as a proxy for business spending while consumer inflation expectations fell from 3.5% to 3.3%. The five-year inflation outlook now sits at 3%. On the negative side, consumer sentiment dropped to a five-month low. Chances of a Fed September rate cut dropped again, now down to 49%. For the week, the Dow Jones lost 934 points or 2.34%, halting its five week rally. The NASDAQ in contrast gained 1.41% and the S&P 500 finished near flat. The ASX 200 closed out the week down 1.1%.
ASX SPI up 47 points.
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