| Prior Close | ||
|---|---|---|
| Asset | Level | Days Change |
| S&P 500 | 6,805.20 | -1.27% |
| Nasdaq | 22,540.59 | -1.59% |
| Spot VIX | 20.18 | -7.30% |
| 2 Year Bond Yield | 3.49 | +3 bps |
| 10 Year Bond Yield | 4.20 | +2 bps |
| EUR/USD | 1.1786 | +0.04% |
| USD/JPY | 156.61 | -0.28% |
| GBP/USD | 1.370 | +0.18% |
| WTI Oil | 65.14 | +3.05% |
| Gold | 4,885.37 | +2.23% |
| Bitcoin | 65,311.70 | +4.00% |
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Weekly Jobless Claims | 209,000 | 212,000 | 231,000 |
| JOLTs Job Openings | 6.9m | 7.2m | 6.5m |
| Speech by Fed's Bostic | - | - | - |
| Federal Reserve Balance Sheet | 6590m | - | 6610m |
| Data | Prior | Cons | Time |
|---|---|---|---|
| Michigan Consumer Sentiment Prel | 56.40 | 55 | 10:00 |
| Speech by Fed's Jefferson | - | - | 12:00 |
Weekly jobless claims surged to 231k, surpassing consensus of 212k and indicating persistent labor market fragility. JOLTs job openings declined to 6.54M, below the expected 7.20M, underscoring reduced hiring demand. Fed Governor Bostic's speech emphasized data dependence without signaling shifts, maintaining neutral tone. Equities dipped modestly with S&P 500 at 6805.20 and Nasdaq at 22540.59, as VIX rose to 20.18 reflecting heightened volatility. Bond yields steadied with 2-year at 3.49% and 10-year at 4.20%, while EUR/USD fell to 1.1786 and USD/JPY rose to 156.61. Commodities weakened, with WTI oil at 65.14, gold at 4885.37, and bitcoin at 65311.70 amid risk-off sentiment.
Michigan Consumer Sentiment preliminary reading due at 10am, expected at 55, will gauge consumer confidence post-labor data. Fed Governor Jefferson speaks at 12pm, likely reiterating inflation vigilance and data-driven policy. Markets will monitor for insights into rate cut timing amid softening economic signals.
India's RBI held rates at 5.25%, buoyed by trade deals easing external pressures and supporting growth forecasts. Tech sector sell-off intensified due to AI fears, prompting rotation to cyclical "old economy" stocks. Global gold reserves debates in Lebanon highlight safe-haven demand amid economic instability.
In the rate-cutting cycle, softer labor data like higher claims and lower openings leans hawkish, favoring fewer cuts to avoid overheating risks. Bostic's neutral stance supports gradual pace, but persistent weakness may delay further easing. Markets pricing slower cuts in 2025, contingent on upcoming data confirming labor stabilization.