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The US stock market starts today's trading flat
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Investors await Jerome Powell's speech at 3 pm BST
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A range of data from the US economy
Today's trading session on US trading floors starts relatively flat. Investors are awaiting Jerome Powell's speech at 3 pm BST.
Data:
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Create account Try a demo Download mobile app Download mobile appUS core PCE inflation for July falls to 4.6% y/y on expectations of 4.7% y/y and on the previous level of 4.8% y/y. Month-on-month growth at just 0.1% m/m, against expectations of 0.3% m/m and the previous level of 0.6% m/m.
Lower inflation may be welcome, but personal spending falls to 0.1% m/m for July against expectations of 0.4% m/m and against the previous level of 1.0% m/m. Incomes rise just 0.2% m/m, against an expectation of 0.6% m/m and against a previous level of 0.7% m/m.
The data shows in theory that interest rate hikes are starting to work, although at the same time the slowdown in consumption may be coming from the high prices themselves.
The market is now pricing in a near 42% chance of a 75 basis point rate hike at the Fed's September meeting. Source: Bloomberg
US index quotes. Source: xStation 5
Compiled charts of the US100 index and VIX on the D1 interval. The benchmark of technology companies starts today's session flat. The VIX fear index is gaining nearly 0.81% today. Source: xStation 5
News:
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Electronic Arts (EA.US) shares are of particular interest to investors today, having gained in the first impulse thanks to rumors of a bid for the company by Amazon (AMZN.US). Nevertheless, the bullish sentiment was cooled by CNBC, which stated that Amazon would not make an EA bid. The companies did not comment on the matter.
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Gap (GPS.US) shares are trading up nearly 6% early in today's session on the release of strong quarterly results. The good results were helped by strong sales at the Banana Republic chain.
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Good results were also published by Farfetch (FTCH.US) and Workday (WDAY.US), whose shares are up more than 12% at this point.
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Farfetch (FTCH.US)
Workday (WDAY.US)
Information from US companies. Source: Bloomberg
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