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Wall Street indexes scaled new highs overnight, while Asia lagged as oil prices climbed again after Houthi attacks on Saudi Arabia. Markets also focused on Fed minutes, Treasury auctions and European bond moves.
Despite encouraging PCE data, Federal Reserve officials like Jefferson, Collins, and Kashkari have reiterated concerns about inflation remaining 'too high for too long'. They emphasize the need to stay focused on the 2% goal and downplay the PCE report as a single data point, suggesting the possibility of further rate
Dow E-minis were down 0.2%, S&P 500 E-minis 0.15% and Nasdaq 100 E-minis 0.32% at 07:20 a.m. ET. August PCE data and final second-quarter GDP figures are due at 8:30 a.m. ET.
Ahead of August PCE inflation (annual ~3.7%), the final Q2 GDP reading and comments from at least four Fed officials including Minneapolis Fed President Neel Kashkari, markets are roughly evenly split on another October rate hike. Premarket movers: Boeing up ~2.9% after a $20 billion U.S. Navy next-generation fighter d
Dow E-minis were up 0.18%, S&P 500 E-minis up 0.1% and Nasdaq 100 E-minis down 0.01% at 05:27 a.m. ET. Traders awaited August PCE inflation, second-quarter GDP and comments from Fed officials later in the day.
US labor market data will dominate the week, with Friday's payrolls report expected to show 100,000 jobs added in September. Micron, Nike and several Fed officials are also on the calendar.
Minneapolis Fed President Neel Kashkari emphasizes the need to address inflation risks, but does not comment on the timing of the next interest rate move. This indicates the Fed's ongoing concern about inflation.