The market is on the rise on low holiday weekend volume. $NVIDIA (NVDA.US)$ is climbing again after a 6% drop on Thursday.
Just past 1 pm ET the $S&P 500 Index (.SPX.US)$ traded up 0.12%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.22%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.27%.
Friday, Core Personal Consumption Expenditure inflation numbers came out lower than forecast, at 2.6% year over year. Regular PCE, including energy, came in at 2.5%, also lower than expected and right in line with the previous month's numbers. Month over month, the PCE grew at 0.2% again. The figure maintained last month's record for the lowest PCE in three years.
Michigan consumer expectations and confidence numbers also dropped Friday, revised slightly upwards to a reading of 67.9 for August from 67.8 in the preliminary estimate. It came in above the final reading of 66.4 in July.
Thursday, US gross domestic product, was revised up to a 3% increase for Q2 from a 2.8% gain in the previous estimate, above expectations. GDP rose by 1.4% in Q1.
Initial jobless claims fell by 2,000 to 231,000 in the week ended August 24, the Labor Department said Thursday, right at estimates and just below the revised 233,000 from last week.
Last week, Fed President Jerome Powell did not specify the timeline for these rate cuts. Still, he said he was confident the economy was on the way to 2% inflation. "The time has come to adjust, and the direction is clear," Powell said. Investors are watching for macroeconomic data that might inform when and how strong rate cuts will come.
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Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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