Beat the street: PCE; oil as OPEC+ meets; Walmart looks to India; Snap rises
US stocks hold onto gains after October PCE data came in as expected. Investors now eye Fed chair Jerome Powell’s speech for more clues. OPEC+ cuts could approach two million bpd depending on talks, according to Reuters sources
(Partial Video Transcript)
Walmart looks to India for supplies
Hello, I'm Angelina Ong, and welcome to beat the street, the show that gives you all the tradeable news and data ahead of the Wall Street Open.
Coming up: investors await the latest inflation data ahead of Federal Reserve (Fed) chair Jerome Powell's speech, and oil inches higher as energy traders eye the outcome of the Organisation of Petroleum Exporting Countries Plus (OPEC+) meeting.
We're keeping an eye on the UN Climate Change Conference, COP 28 as well. Walmart is looking to India, the US retail giant is importing more from India and buying less from China. We'll tell you more in a second.
Core PCE meets expectations spot-on
First of all, good afternoon, I'm Angelina Ong, and welcome to this new edition of beat the street. Not long now before Wall Street starts trading, just having a look at the equity markets there for you. It's seeming quite a tepid start, but we do have some breaking news just coming through.
This is the core personal consumption expenditure (PCE) price index, the month-to-month figure. We were expecting 0.2%, and it was bang in line with expectations. In terms of the year-on-year figure, also bang in line with what was expected, 3.5%.
All eyes (and ears) on Powell
Of course, all this coming in a time when the markets are looking for any reason to pivot. Many Fed officials recently coming out to indicate or suggest that perhaps US interest rates are now on hold, and perhaps the clock is ticking on how soon we'll see the first interest-rate cut from the US.
Of course, the main event is Fed Chair Jerome Powell's speech on Friday. So, all that, all that's a play for markets, not showing much of a change, given we had that PCE number bang in line with expectations.
In corporate news, Dell reporting after the close tonight. Now, if the third quarter is anything like the fireworks that we saw in the second quarter, then it should be a good set of numbers. here, which I think is an interesting technical move that we've got.
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