On the economic front, investors will closely watch Thursday's release of the first estimate of third quarter GDP, which is expected to show the US economy grew at an annualized rate of 4.3%. Friday will provide another look at the Fed's preferred inflation gauge.The Federal Reserve enters its blackout period this week ahead of its next meeting, which begins on Oct. 31.
The week ahead will provide a look at metrics closely watched by the Fed: Economic growth and inflation. Thursday's GDP release is expected to present the high water mark for economic growth in 2023 after a string of resilient data has pushed out recession calls to 2024.Data on Friday is predicted to show "core" PCE — which strips out the costs of food and energy — rose 3.7% over the prior year in September, down from 3.9% in August. The Fed targets 2% inflation, on average.
In an Oct. 12 note, Bank of America investment strategist noted that without the Magnificent 7, the S&P 500 would just below 3,900, or roughly 10% lower. "While the key AI lifts aren’t landing in the 1Q/Sept quarter, the stock set-up is now cleaner with more modest growth expectations into the print," Keirstead wrote in a Microsoft preview note.
A more exact answer from the Fed chair in two weeks could be the key to freeing stocks from their beholden misery.
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »