Payrolls regain crown as most important data release for stocks

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Payrolls regain crown as most important data release for stocks
France Dernières Nouvelles,France Actualités

Payrolls regain crown as most important data release for stocks

The second estimate of U.S. GDP growth for the second quarter surprised on the upside, showing a robust 3.0% quarter-over-quarter annualized rate.

"The economy continues to disprove skeptics,” strategists note. “Growth has certainly cooled relative to last year, but it has done so at a gradual pace." "Overall, this report is another step in the right direction and is consistent with a soft landing,” BofA continued. Looking ahead, the focus shifts to the upcoming nonfarm payrolls report, which is expected to bolster the view that the Federal Reserve will implement a rate cut in September.Ahead of it, Fed funds futures are pricing in a substantial 100 basis points of cuts for the remainder of 2024, indicating a"recession-sized" adjustment.

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