The US market drifted lower on a combination of 1) disappointing tech prints (MSFT -6% & META -4%), 2) Poor liquidity (according to Goldman Sachs trading desk), and 3) Core PCE posting its biggest monthly gain since April.
Not exactly 'Goldilocks'!!
Worse, like Australia, Inflation surprises are picking up post rate-cut...
bolstering the case for a slower pace of rate cuts.
The 3 major indices were lower overnight led by MSFT, META, and NVDA.
Finally, big picture stuff, since The Fed cut rates, USA Sovereign risk has exploded higher...
Not exactly resounding support from the market.
Remember, around 8am our time next Wednesday will be the end of voting for the US Presidential election. It's going to a history and market making event!
Have a good weekend
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