Hello,
Stocks moved higher last week as the market priced in a US interest rate cut with growing certainty. The NASDAQ led American indices, with the S&P 500 and Russell 2000 also recording gains. Trading volumes were lighter, in keeping with the traditional slowdown around this time of year.
Following the recent US government shutdown, economic data releases are still catching up. Reports for September painted a mixed picture, with services outperforming manufacturing. The ISM Manufacturing PMI for November fell to 48.2 from 48.7, marking the ninth consecutive month of contraction, while the Services PMI ticked up to 52.6 from 52.4.
The Personal Consumption Expenditures (PCE) index, the Federal Reserve’s preferred inflation measure, rose 0.3% in headline terms and 0.2% in core terms month-on-month in September. Markets read the release as paving the way for a rate cut at this week’s Fed meeting.
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Smart Financial Insurance Limited trading as Smart Financial is regulated by the Central Bank of Ireland. Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.
