Beat the Street: jobs; GDP; Powell; oil; Micron; Nike
US stocks got a lift after jobs and GDP data suggested a more robust US economy than expected. Investors eye comments from the Fed. Micron sees a wider-than-expected Q1 loss. And, we preview Nike’s results.
(Partial Video Transcript)
Is the sneaker culture over?
Hello, I'm Angeline Ong, and welcome to Beat the Street, the show that gives you all the tradeable news and data you need ahead of the Wall Street Open.
Coming up, US stocks are indicated lower ahead of economic data and remarks from JP. Soaring oil, rising crude prices, firm on prospects for a prolonged restrictive monetary policy out of the US, and Nike on deck. It's back to school, but has the sneaker culture moved on?
Good afternoon and welcome to this new edition of Beat the Street. Not long before Wall Street starts trading, I can tell you that we're just having some economic data trickle through. Here's the breaking news for you.
We were expecting 2.1% for the final print of second-quarter GDP. We got bang in line 2.1%. So no change there. Not much of a reaction on the hourly charts or the daily charts at the moment.
US labour market appears strong and resilient
Also, just checking in on initial jobless claims, too, for the week ending 23 September, we were looking out for 215,000. We got an actual reading of 204,000. So a surprise of -11,000, reiterating how strong and resilient the US labour market still remains.
Just checking in on the indices for you now. Not much of a change on the markets at the moment. Just having a look at the US Tech 100 as well: similar story there. Prior to this, we were looking at 14,566. It has ticked up ever so slightly, but not very much at all.
And checking in on the US 500, a similar story there as well on the hourly view. Prior to those numbers, we were at 4,277. We're now at 4,286. Having a look at volatility next. And volatility unchanged, still about the 18 mark there.
What is also interesting is that we are waiting, of course, on some of those comments out from Jerome Powell, and also some other comments that could move markets, potentially could come from other voting members, the Chicago Fed president, Aston Goolsbee, and board governor Lisa Cook. They're also expected to speak later today.
EU harmoninises consumer prices
I want to also check on the euro versus the dollar for you, because it's not just a dollar story that we're looking at. Breaking news from Germany: EU harmonised consumer prices, rising by 4.3% in September. We're seeing that cross tick up slightly on the hourly chart.
As I mentioned earlier, it's not just economic news that we are keeping an eye on. We're also still watching earnings, particularly Nike. It's out with results. And it's also an all-session stock on the IG platform, where it reports fiscal Q1 earnings after the bell.
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