Market Highlights π‘ - 19 September 2024
U.S. stock markets reached all-time highs, but despite a 50 basis point rate cut, they closed lower.
πΊπΈ S&P 500 Index: -0.29% π
πΊπΈ Nasdaq Index: -0.31% π
πͺπΊ STOXX 600 Index: -0.50% π
π―π΅ Nikkei 225 Index: 0.49% π
ππ° Hang Seng Index: Market Closed
π¨π³ CSI 300 Index: 0.37% π
U.S. stock markets closed lower, with the S&P and Nasdaq both down 0.3%. After the policy announcement, U.S. stocks soared to an all-time high, but the gains were quickly sold off, resulting in a lower close. $S&P 500(.SPX)$
The CSI 300 $CSI300(000300.SH)$
π‘ Upcoming Events: π‘
On Thursday, investors will focus on U.S. Federal Funds Rate, FOMC economic projections, FOMC statement and unemployment claims.
By the end of the week, we will see the release of Japan's national core CPI year-on-year, Bank of Japan policy rate, monetary policy statement, and China's 1-year and 5-year loan prime rates.
π‘ Things to Know Today: π‘
1. On Wednesday, the Federal Reserve implemented its first rate cut since the COVID-19 pandemic, lowering the benchmark rate by half a percentage point to prevent a slowdown in the labor market.
2. The Eurozone's CPI for August was 2.2% year-on-year, down from 2.6% in July. Meanwhile, core CPI year-on-year was 2.8%, slightly lower than last month's 2.9%.
3. According to data released by the government on Wednesday, Japan's trade deficit for August was 695.29 billion yen, as the depreciation of the yen increased import costs, despite exports reaching a record high for the month.
4. Bank Indonesia (BI) lowered its benchmark rate by 25 basis points to 6.00%, marking its first rate cut since February 2021.
5. Alphabet's subsidiary Google $Alphabet(GOOGL)$
β Key Point:
The Federal Reserve Chair stated, "I currently see no signs that the likelihood of a recession is increasing."
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Market Highlights - 19 September 2024
Here are the key highlights from the market on September 19, 2024:
1. U.S. Stock Market Performance
The U.S. stock markets, including the S&P 500 Index and the Nasdaq Index, reached all-time highs during the day but closed lower.
S&P 500 Index: -0.29%
Nasdaq Index: -0.31%
2. Global Stock Market Performance
STOXX 600 Index (Europe): -0.50%
Nikkei 225 Index (Japan): +0.49%
Hang Seng Index (Hong Kong): Market Closed
CSI 300 Index (China): +0.37%
3. U.S. Federal Funds Rate and Wall Street Expectations
The U.S. Federal Reserve implemented its first rate cut since the COVID-19 pandemic, reducing the benchmark rate by 50 basis points to support the labor market.
Wall Street had strong expectations for a rate cut, resulting in a 0.4% increase in the CSI 300 Index.
Upcoming Events
On Thursday, investors will focus on the U.S. Federal Funds Rate, FOMC economic projections, FOMC statement, and unemployment claims.
By the end of the week, Japan's national core CPI year-on-year, Bank of Japan policy rate, monetary policy statement, and China's 1-year and 5-year loan prime rates will be released.
Things to Know Today
The Eurozone's Consumer Price Index (CPI) for August was 2.2% year-on-year, lower than July's 2.6% figure. Core CPI year-on-year was 2.8%, slightly lower than the previous month.
Japan's trade deficit for August was 695.29 billion yen. Although exports reached a record high for the month, the depreciation of the yen increased import costs.
Bank Indonesia (BI) implemented its first rate cut since February 2021, lowering the benchmark rate by 25 basis points to 6.00%.
Google, a subsidiary of Alphabet, successfully overturned a β¬1.49 billion ($1.7 billion) EU antitrust fine. Qualcomm, however, failed to overturn another penalty.
Federal Reserve Chair stated that there are currently no signs indicating an increasing likelihood of a recession.
Earnings Releases on September 19, 2024
FedEx (FDX)
Lennar (LEN)
Lennar (LEN.B)
Darden Restaurants (DRI)
FactSet Research (FDS)
Next Group Plc (NXGPY)
MedioBanca SpA (MDIBY)
Discovery Holdings Ltd. (DCYHY)
Endava Ltd (DAVA)
MillerKnoll (MLKN)
Close Brothers Group Plc (CBGPY)
Cracker Barrel Old Country Store (CBRL)
CAPRICORN ENERGY PLC (CRNCY)
Genfit S.A. (GNFT)
Research Solutions, Inc. (RSSS)
LightPath (LPTH)
MoneyHero (MNY)
iPower Inc. (IPW)
CAPRICORN ENERGY PLC (CRNZD)
Please note that the information provided is for reference purposes only and does not constitute investment advice. Investment decisions should be based on careful analysis and consideration of individual circumstances.