ISM non-manufacturing index comes in ahead of forecastsAs hump day dawns, investors and traders seem to be looking for a catalyst now that earnings season is mostly behind us, the Fed’s rate cut is in the rear view, and we don’t have much in the way of trade war-related news this morning.
As the two sides work on hammering out a partial trade deal, the Wall Street Journal reported that officials from the world’s two largest economies have been considering rolling back some tariffs. A story in the Financial Times said the White House was thinking about rolling back duties on more than $1 billion in Chinese goods that went into effect at a 15% rate at the beginning of last month.
It’s probably a positive thing that we’re taking a break, and it doesn’t appear to be caused by fear. Rather, it just seems like the market is waiting for the next catalyst now that the earnings season is winding down and the Fed’s rate cut is in the rear view mirror. The central bank’s next meeting isn’t until December, and the futures market indicates most traders and investors are expecting central bankers to stand pat on interest rates. Not exactly fodder for a big market move.
It also appears that solid news from the U.S. services sector helped to pressure yields on U.S. government debt as well as the price of gold, which also faced headwinds from a rising U.S. dollar. As the greenback rises, dollar-denominated commodities like gold become more expensive for investors using other currencies.
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