Pre-Market Report – Monday 22 September: US markets head higher | Gold soars
Description
Wall St finished last week with another gain in a largely uneventful session. Big Tech leading all three major indices to fresh record highs. S&P 500 up 0.5% on heavy volume. Nasdaq up 0.72%. Dow Jones up 173 points. Traders digesting the monetary policy outlook as Stephen Miran justified his FOMC vote. The lone 50bp dissenter argued a neutral interest rate (neither tight nor loose) is the correct setting for an economy with ‘no inflation risk’ – prompting a debate over relaxation of the Fed’s 2% inflation target. S&P 500 up 1.2% for the week, Nasdaq up 2.2% vs the ASX 200 down 1%. Bond yields on the longer end rose 2-3bp while the USD gained for a third session (AUD down 0.3%). US government shutdown risk back in the headlines after the Senate rejected the latest funding bill. Democrats opposing the bill due to lack of Health Care funding.
SPi up 24 - Gold soars - Bullock speaks today.
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