Wall Street week ahead: Investors eye PCE, jobless data
On Wall Street in the week ahead, investors will keenly watch economic data that include personal consumption expenditures, revised GDP data, US current account data, home sales figures, and initial jobless claims.
Personal consumption expenditures (PCE) index and core PCE index for November will be released on December 22.
On December 20, US current account data for third quarter (Q3) and existing home sales numbers for November will be released.
December 21 will see the release of initial jobless claims and revised Q3 GDP (gross domestic product) data.
After the Federal Reserve left its key rates unchanged and hinted at an end to its aggressive rate hike policy next year, the US equities ended the last week largely higher. The stock indices registered their seventh straight week of gains.
For the week, the Dow Jones Industrial Average rose 2.9%, the S&P 500 Index gained 2.5%, and the Nasdaq was up 2.9%.
On Friday, Wall Street closed mixed. The Dow Jones Industrial Average rose 56.81 points, or 0.15%, to 37,305.16. The S&P 500 lost 0.36 points, or 0.01%, to 4,719.19. The Nasdaq Composite added 52.36 points, or 0.35%, to 14,813.92.
The US dollar rose to 142.19 yen from 142.05 Japanese yen. The euro fell to $1.0899 from $1.0991.
The 10-year yield eased further on Friday. It slipped to 3.91% from 3.92% late Thursday.
The 2-year treasury yield ended the week at 4.45%.
The US crude oil benchmark for January delivery fell 15 cents to $71.43 per barrel on Friday. Brent crude for February delivery fell 6 cents to $76.55 per barrel.
Natural gas for January delivery rose 10 cents to $2.49 per 1,000 cubic feet.
Gold for February delivery fell $9.20 to $2,035.70 per ounce. Silver for March delivery fell 24 cents to $24.15 per ounce.
In overseas markets, Asian stock indices gained as China’s central bank stepped up support for the economy by adding $112 billion of cash into the financial system.
European shares ended nearly flat on Friday.
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Published: 17 Dec 2023, 09:25 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.