Jobs Report, More PMIs: Key Economic News Points to Watch Thursday and Friday
How much will the Fed cut interest rates in September? Key committee member: It completely depends on the next two weeks!
①Mary Daly, President of the Federal Reserve Bank of San Francisco, said that the Fed needs to cut interest rates to maintain a healthy job market, which further reinforces the market's view that a rate cut in September is a done deal; ②Daly also revealed that she believes the size of the Fed's interest rate cut will depend on upcoming economic data - including the non-farm payroll report this Friday and the CPI data next Wednesday.
The technology stocks of the "Seven Sisters" are no longer prominent. In the second half of the year, small-cap stocks may take the lead.
A key indicator measuring the performance of small-cap companies in the United States in the second half of 2024 outperformed the Wall Street benchmark S&P 500 index, indicating a shift in market breadth to other sectors.
Wall Street bulls: Stock market volatility will continue until the election, and then it is expected to return to historical highs.
①Wall Street long-term bull Ed Adney said that the "volatility" in the US stock market may continue until the election and is expected to climb back to historical highs afterwards; ②Adney said that whether the market can return to historical highs partly depends on the results of the US election, and political deadlock is the best scenario for the market.
The decline in job vacancies in the United States exceeded expectations, and the market increased its bet on a rate cut by the Federal Reserve.
The number of job vacancies in the USA in July decreased from 7.91 million (revised downward from the previous month) to 7.67 million, marking the second consecutive month of decline. Federal Reserve policymakers have explicitly stated that they do not want to see further cooling of the labor market, and it is widely expected that they will begin cutting interest rates at the next meeting.
Federal Reserve Beige Book: Economic activity is flat or declining in 9 regions, consumer spending is slowing, and the job market is mixed with both positive and negative aspects.
The overall assessment of the Federal Reserve's Beige Book is not optimistic. Economic activity in most regions remained flat or declined, increasing from five in July to nine, with only three regions experiencing slight economic growth, while consumer spending slowed in most regions.
