Latest news with #PersonalConsumptionExpendituresPriceIndex
Yahoo
15 hours ago
- Business
- Yahoo
Breaking: S&P 500 and Nasdaq Smash Records on Trade Deal Hopes
June 27 U.S. stock benchmarks hit fresh all-time highs Friday as a newly signed U.S.-China trade deal and mixed inflation data bolstered investor optimism. The S&P 500 climbed about 0.5%, while the Dow Jones Industrial Average gained roughly 0.7% and the Nasdaq Composite rose about 0.5%. Yields on the two- and ten-year U.S. Treasury notes each inched up two basis points to 3.74% and 4.26%, respectively. Warning! GuruFocus has detected 7 Warning Sign with C. Ten of the 11 S&P sectors were in positive territory, led by Consumer Discretionary. Energy trailed the pack with a marginal decline. May's core Personal Consumption Expenditures Price Index rose 0.2% month-over-month, slightly above forecasts, and 2.7% year-over-year. Headline PCE was flat month-to-month and up 2.3% annually. The University of Michigan's final June consumer sentiment reading ticked up to 60.7 from a mid-month estimate of 60.5. On the geopolitical front, the White House confirmed formal ratification of a bilateral trade agreement with China, aiming to solidify supply-chain ties and reduce uncertainty. Nike (NYSE:NKE) shares soared 16% after reports of inventory trimming and supply-chain improvements. Investors will monitor next week's economic releases and trade negotiations for further market cues. This article first appeared on GuruFocus.
Miami Herald
20 hours ago
- Business
- Miami Herald
Stock Market Today: Market Meltup Continues as China Trade Deal Nears
Stocks appear set to continue higher today based on three main factors: A trade deal with China appears to be close (and maybe with India, too)The tax bill would lower taxes on corporations and increase their profitsFed rate cuts in 2024 The Fed's preferred gauge of inflation, the PCE, or Personal Consumption Expenditures Price Index, was reported this morning. According to the Bureau of Economic Analysis, May's PCE rose 0.1%, and 2.3% year-over-year, in line with expectations. However, Personal Income and Personal Spending were weaker than expected, dropping 0.4% and 0.3%. How did stock futures react? They dropped but remain higher on the day. ThinkOrSwim ThinkOrSwim Overall, stock futures are higher, bonds are mixed, and gold is lower. Crude continues to bounce around the $65 level we've been discussing all week. Later this morning, the University of Michigan will release its Consumer Sentiment index. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Mint
6 days ago
- Business
- Mint
Wall Street week ahead: All eyes on Middle East conflict, Jerome Powell's testimony, PCE inflation, personal income data
Amid the escalating Middle East conflict, Wall Street investors will have a plenty of economic data to look forward to in the week ahead. Tensions in the West Asia deepened after the United States joined Israel in attacking Iran. The US attacked three nuclear sites in Iran on early Sunday. In an address to the nation from the White House, US President Donald Trump said that Iran's key nuclear sites were 'completely and fully obliterated'. In response, Iran's Foreign Minister Abbas Araghchi stated that the time for diplomacy had passed and that his country had the right to defend itself. 'The warmongering, a lawless administration in Washington is solely and fully responsible for the dangerous consequences and far reaching implications of its act of aggression,' he said at a news briefing in Turkey. In terms of the US economic data, focus of market participants will be on the Personal Consumption Expenditures Price Index, the Federal Reserve's preferred inflation gauge, personal income and spending data, and home sales numbers. Spotlight will also be on US Fed Chair Jerome Powell's testimony before the House Financial Service Committee on Tuesday and Wednesday. On June 23 (Monday), separate reports on S&P flash US services PMI for June, S&P flash US manufacturing PMI for June, existing home sales for May will be released. On June 24 (Tuesday), data on S&P Case-Shiller Home Price Index (20 cities) for April and consumer confidence for June will be declared. US Federal Reserve Chair Jerome Powell is scheduled to testify before the House Financial Service Committee on Tuesday. On June 25 (Wednesday), data on new home sales for May will be released. On June 26 (Thursday), separate reports on advanced US trade balance in goods for May and second revision of first quarter Gross Domestic Product (GDP) will be released. On June 27 (Friday), data on consumer sentiment (final) for June, personal income for May, personal spending for May, and PCE Index for May will be released. Following companies are due to report first quarter results in the week ahead — FactSet Research, Commercial Metals, FedEx, Carnival Corp, BlackBerry, Micron, Paychex, Daktronics, Nike, Walgreens Boots, and Concentrix. US stocks closed mixed on Friday. The S&P 500 lost 0.21%, while the Nasdaq Composite shed 0.49%. The Dow Jones Industrial Average, however, rose 38.47 points, or 0.09%, to 42,210.13. In the bond market, the yield on the 10-year Treasury edged down to 4.37% from 4.38%. The 2-year yield fell to 3.90% from 3.94%. Oil prices fell on Friday as the US imposed new Iran-related sanctions, marking a diplomatic approach that fed hopes of a negotiated agreement. Brent crude futures ended down $1.84, or 2.33%, to $77.01 a barrel. US West Texas Intermediate crude for July lost 21 cents, or 0.28%, at $74.93. Brent rose 3.6% on the week, while front-month US crude futures increased 2.7%.
New Straits Times
19-06-2025
- Business
- New Straits Times
Ringgit extends downtrend against US dollar
KUALA LUMPUR: The ringgit continued to end lower against the greenback on Thursday, weighed down by emerging concerns over the global financial outlook, a dealer said. At 6pm, the local note slid to 4.2590/2625 versus the US dollar from yesterday's close of 4.2500/2550. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit depreciated to as low as RM4.2633 during the morning session as the United States Federal Open Market Committee (FOMC) members were reluctant to cut rates excessively in light of concerns over higher inflation risk in the second half of 2025. "This was reflected in their latest quarterly forecast of Personal Consumption Expenditures Price Index (PCE) inflation, which is expected to reach 3.0 per cent for 2025 versus the actual figure of 2.1 per cent in April 2025," he told Bernama. He added that sentiments will remain guarded as the market participants are wary of the potential escalation of the Israel-Iran conflict. Conversely, the ringgit traded higher against a basket of major currencies at the close. It rose against the British pound to 5.7164/7211 from 5.7218/7285 at the close on Wednesday, gained vis-à-vis the euro to 4.8868/8908 from 4.8888/8945 yesterday and appreciated versus the Japanese yen to 2.9286/9312 from 2.9322/9359 previously. The ringgit was also higher against its ASEAN peers. It advanced versus the Indonesian rupiah to 259.5/259.9 from 260.5/260.9 on Wednesday, strengthened against the Singapore dollar to 3.3072/3102 from 3.3074/3115 yesterday, and was up vis-à-vis the Thai baht to 12.9966/13.0513 from 13.0240/0449 previously. The local unit also rose against the Philippine peso to 7.41/7.42 from 7.46/7.48 at yesterday's close.
Yahoo
13-06-2025
- Business
- Yahoo
Fed seen on track to resume rate cuts after inflation, job market data
By Ann Saphir (Reuters) -The Federal Reserve's path to interest rate cuts starting in September appeared to widen on Thursday, after a pair of government reports pointed to cooler inflation and signs of potential weakening in the labor market. U.S. producer prices advanced 2.6% in May from a year earlier, after rising 2.5% in April, the Labor Department reported. Taken together with tamer-than-expected increases in the Consumer Price Index in May, economists estimated that inflation by the Fed's preferred gauge of underlying price pressures, the core Personal Consumption Expenditures Price Index, likely rose in line with the Fed's 2% goal last month. Economists still expect the Trump administration's tariffs to push up prices and lift inflation later this year, but "the near-term trend remains favorable, enabling the (Fed) to signal next week that it still intends to begin easing policy again later this year," economists at Pantheon Macroeconomics wrote. They estimate that core PCE rose by just 0.12% in May from April, based on the latest PPI and CPI data. Economists at other Wall Street firms issued similar estimates. The Fed is nearly universally expected to leave its policy rate in the 4.25%-4.50% range at its June 17-18 meeting. Futures that settle to the Fed's policy rate show traders now expect a quarter-percentage-point reduction by September, with another such move likely in October. Before Thursday's data, traders had expected the Fed to wait until December to deliver a second rate cut. The U.S. central bank cut rates three times in 2024. A separate Labor Department report on Thursday showed initial weekly claims for jobless benefits held steady at a seasonally adjusted 248,000 for the week ended June 7, while continuing claims jumped to 1.951 million, their highest level since November 2021 and a sign that it is getting harder for unemployed workers to find a new job. "Americans, especially recent graduates, are worried about how hard it is to find a job," said Heather Long, chief economist at Navy Federal Credit Union. "If layoffs worsen this summer, it will heighten fears of a recession and consumer spending pullback." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
