It was a big week for Wall Street’s bulls.The S&P 500 (Index: ) achieved a new high to close out the third week of October. By the time the market closed on Friday, 18 October 2024, the index sat at a level of , nearly a full two percent higher than it closed the previous week, which was also a record high close for the S&P 500.Most of that gain came on Monday, 14 October 2024 while the bond market was closed for the Columbus Day holiday. After retreating a bit during the week, stock prices rose again on Friday, 18 October 2024 to achieve the index’ new record high close.That was enough for the S&P 500’s trajectory to keep tracking along in the upper portion of the redzone forecast range. The of the alternative futures chart shows the index continues to largely behave as expected.The market moving news of the week that was mainly revolved around two topics: central bank rate cuts and China’s to stimulate its economy.Monday, 14 October 2024
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Oil down 2% as China demand woes erase last week’s gains
- OPEC cuts 2024, 2025 global oil demand growth view again
- Minneapolis Fed’s Kashkari sees further ‘modest’ rate cuts as appropriate
- Fed’s Waller calls for ‘more caution’ on rate cuts
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China flags more fiscal stimulus for economy, leaves out key details on size
- China’s stimulus message leaves investors wanting
- “The Policy Sounds Quite Weak”: China’s MOF Stimulus Announcement Disappoints
- China’s stimulus promises bring property sector hope, rather than confidence
- China copper, iron ore stay stimulus believers, but others sceptical
- China’s deflationary pressures build in Sept, consumer inflation cools
- China’s exports miss forecasts as lone bright spot fades
- Nasdaq, S&P, Dow closed in the green with more earnings and additional Fedspeak
Tuesday, 15 October 2024
- US consumers see higher long-run inflation, rising delinquency risk
- Oil plunges 4% as Iran supply disruption concerns ease, demand outlook weakens
- Fed’s Daly says central bank likely on track for more rate cuts
- China’s economy set to grow 4.8% in 2024, missing target: Reuters poll
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China may raise $850 billion in new debt over three years to spur growth, says report
- China QE Next? Caixin Reports Massive Bond Issuance Imminent
- Central banks remain keen buyers of gold, representatives tell bullion conference
- Bank of Japan policymaker calls for ‘very moderate’ pace of rate hikes
- Euro zone economy shows some signs of growth
- Wall Street indexes lose ground as chip, oil stocks drop
- ASML’s lowered outlook suggests factory overcapacity, not chip doom
Wednesday, 16 October 2024
- Oil prices hold at 2-week low on lower oil demand growth forecasts
- Fed’s Bostic says his ‘dot’ was for 25 bp more in cuts in 2024
- Cleveland Fed warns sticky rent gains may pressure overall inflation
- Big central banks are firmly in rate-cut mode
- Japan premier Ishiba vows big spending, drifts away from fiscal restraint
- ECB could have curbed inflation with earlier rate hikes, DIW says
- ECB set for second straight rate cut as euro zone economy ails
Thursday, 17 October 2024
- https://www.reuters.com/business/energy/oil-inches-up-after-surprise-drop-us-crude-stockpiles-2024-10-17/
- New NY Fed tool suggests balance sheet drawdown has more room to run
- China cenbank chief flags more interest rate cuts
- China’s new home prices fall at fastest pace since 2015
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Japan’s exports fall for first time in 10 months on China, US slowdown
- Japan exports drop 1.7% year/year in September
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ECB set for second straight rate cut as euro zone economy ails
- ECB cuts rates as expected, says well on track to tame inflation
- ECB set for second straight rate cut as euro zone economy ails
Friday, 18 October 2024
- Oil prices fall, weekly 7% drop on China demand woes, mixed Mideast outlook
- US single-family homebuilding hits five-month high, but trend remains soft
- Fed’s Bostic sees no need to rush on rate cuts
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China’s Q3 GDP hits weakest pace since early 2023, backs calls for more stimulus
- China’s Q3 GDP grows 4.6% y/y, slightly above economists’ estimate
- China urges swift implementation of expansive financial policies
- China rolls out $112 bln funding schemes to bolster stock market
- Bank of Japan chief warns of unstable markets, global uncertainties
- Japan’s Inflation Slows for First Time Since Aprill Ahead of BOJ
- Case for quick ECB rate cuts mounts as growth weakens and inflation is tamed
- Dow and S&P end at fresh record highs, lifted by Netflix earnings and tech stocks
- Gold closes above $2,700 for first time as geopolitical tensions simmer
The CME Group’s anticipates a 0.25% rate cut on 7 November 2024 with additional 0.25% cuts at 6-to-12-week intervals through 17 September 2025. The CME FedWatch tool sees the Federal Funds Rate bottoming at a target range of 3.25-3.50% at that time.The ‘s projection of the real GDP growth rate for the current quarter of 2024-Q3 ticked up to +3.4% from the previous week’s forecast of +3.3% growth.More By This Author:
