Stock Futures Point to Minor Increase to End Tough September
As the challenging month of September draws to a close, stock futures are showing a slight increase. Investors are cautiously hopeful that this upward trend will bring some relief from the losses experienced throughout the month.
Dow Jones Industrial Average futures are up 0.1%, while S&P 500 futures have risen by 0.09%. The Nasdaq 100 futures have also gained 0.1%. This positive movement in futures indicates a potential upward trajectory for the stock market.
On Thursday, stocks closed slightly higher, with the S&P 500 up by 0.59% and the Dow up by 0.35%. The Nasdaq Composite also saw gains, advancing by 0.83%. This upward momentum came as the 10-year Treasury yield backed off from a 15-year high.
Unfortunately, September has been a tough month for equities, with the S&P 500 experiencing a decline of 4.6% and the Nasdaq Composite dropping nearly 6%. The Dow is also on track for a 3% decline this month. Investors have been grappling with various challenges and uncertainties in the market.
Looking ahead, economists are eagerly awaiting the release of the personal consumption expenditures price index reading on Friday. They are anticipating that the core PCE, which measures price changes and is closely monitored by the Federal Reserve, will have advanced by 3.9% year-over-year in August.
Additionally, personal income and consumer spending data are also expected to be revealed. These numbers will provide further insights into the strength of the economy and consumer sentiment.
Despite some optimism, the chief economist warns of consumer weakness and predicts further slowing in the fourth quarter of 2023. This highlights the ongoing challenges and uncertain path ahead for the economy.
As we approach the end of September, investors are hoping for a turnaround in the stock market. The slight increase in stock futures offers a glimmer of hope, but the road to recovery may be filled with obstacles. Keep an eye on the personal consumption expenditures index data and consumer spending figures as they could be indicators of future market performance.
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