Stock Market Update September 26, Uncharacteristically, the S&P 500 Futures exhibited weakness throughout the nighttime session, declining around 1% within the first hour. This drop was fueled by uninspiring macroeconomic indicators. Previously, such dismal data might have led investors to believe the Federal Reserve would ease its stance, providing a lift to bonds. However, it's becoming increasingly clear to market participants that these lagging indicators could be foreshadowing a U.S. economic downturn. I anticipate that most forthcoming data will likely underline this deteriorating trend. Currently, both the broader market and individual securities seem to be dissonant with this reality. Consequently, a turbulent October appears to be on the horizon.
Shifting focus to market behavior, equities trended downward throughout the day, albeit closing slightly above their lowest points with a 1.5% loss. Intriguingly, neither the stock market's performance nor the gloomy economic figures significantly influenced the fixed income market; short-term bonds remained stable, while long-term yields dipped. The U.S. dollar gained traction, whereas metals and mining stocks both retreated.
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