After the release of the US data, futures markets were indicating a 24 percent chance the Fed will hike rates at its policy meeting next month and a roughly 57 percent chance of an increase in December, according to the CME Group’s FedWatch.
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All eyes are on Jackson Hole – a town in Wyoming that annually hosts a Federal Reserve policy symposium – where Fed chair Janet Yellen is scheduled to speak tomorrow.
We suspect Yellen strikes a more dovish tone relative to Fischer at her upcoming Jackson Hole speech. Futures for the Nasdaq-100 index lost 11.50 points, or 0.2%, to 4,774.75.
“The case is strengthening” for a rate hike, Dallas Fed President Robert Kaplan told CNBC television, whose open-air studio here overlooks the craggy peaks of the Grand Teton National Park.
Clinton, amid stateside controversy over perceived over charging for drug treatments, publicly called on Mylan to reduce the price of its EpiPen treatment for severe allergies which is said to have increased by more than 400% in the past decade.
Thursday’s moves come after a downbeat trading day on Wednesday, when the S&P 500 and the Dow industrials finished at their lowest levels since early August (http://www.marketwatch.com/story/us-stock-futures-search-for-firm-direction-marooned-in-wait-for-yellen-2016-08-24). Investors are awaiting the conclusion of the Fed meeting before taking a position. “So the Fed does not really need to raise rates right now”. The U.S. currency was at $1.1287 per euro from $1.1285 in NY.
Traders saw an 18 per cent chance of a rate hike in September and about 55 per cent for December, according to CME Group’s FedWatch program.
In the most recent session, the Vancouver-based mining company experienced a bear movement in their stocks with 10,778,483 shares in total traded volume with a plunge from last Tuesday’s close of 28.49 which opened at 29.16 to yesterday’s opening of 28.01 and a close of 26.19. Eastern: weekly jobless claims, durable-goods orders and core-capital goods orders.
Where the durable goods report looks sketchy is in the shipments, rising only 0.2%.
Shares of high-end retailer Tiffany (TIF) were 6% higher after it posted earnings per share that topped quarterly expectations and reaffirmed its guidance, despite a 8% drop in sales at stores.
The recent direction of EUR/USD has been mainly driven by broad-based US dollar weakness although the easing of Brexit fears is also helping to offer support for the euro.
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In commodities, crude oil prices remained under pressure after sliding sharply on Wednesday.
