Trade review covers various aspects of the financial markets, including current reports, trends, indices, stock prices, bonds, foreign exchange, commodities, and analyst recommendations. As of 10:35, European stock markets were trading in a mixed trend, with various indices showing different movements. The US futures were indicating a positive trend at that time.
In Asia, Chinese stock markets were closed for Labor Day, while the Japanese Nikkei was trading steadily, the Hang Seng was up by over 2%, and the Kospi index was down by 0.1%. US futures were also pointing towards a positive trend.
On Wall Street, the main indexes experienced volatility following the Fed’s decision to keep interest rates unchanged. The indexes initially traded with light movements, but surged by over 1% after the Fed Chairman stated that further interest rate hikes were not planned. However, by the end of the trading session, the indexes closed in a mixed trend.
Chip stocks traded lower after disappointing reports from companies like AMD and NVIDIA, while Pfizer beat profit and revenue forecasts. CVS Health and Estee Lauder, on the other hand, disappointed investors with weak forecasts. Apple was expected to release its financial results later in the day, with a focus on iPhone sales and future forecasts.
Microsoft announced the construction of a new data center in Thailand, investing in cloud and artificial intelligence infrastructure. In the American bond market, yields were slightly up after dropping sharply post the Fed decision. Oil prices fell the night before but saw a slight increase the following morning.
The Fed’s decision to keep interest rates unchanged was expected, but the highlight was Powell’s speech emphasizing that another rate increase was not on the agenda. Powell discussed the economic outlook and inflation, reassuring investors about the strength of the US economy. This information is crucial for investors to monitor and make informed decisions in the financial markets.