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- π Inflation data to inform Fed decision
π Inflation data to inform Fed decision
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Market Overview
Read time 1.4 minutes
Year To Date Performances:
Dow Jones | 40,736.96 | 8.01% |
S&P 500 | 5,495.52 | 15.87% |
Nasdaq | 17,025.88 | 15.31% |
Russell 2000 | 2,097.44 | 4.21% |
TSX | 23,003.09 | 10.21% |
Bitcoin | $57,808.68 | 36.69% |
Ethereum | $2,391.33 | 4.76% |
US to Canadian Dollar | $1.36 | 2.77% |
The Federal Reserve is closely monitoring inflation data this week as it prepares for a potential interest rate cut at its next meeting on September 18. Key reports, including the consumer price index (CPI) being released later today and the producer price index (PPI) being released tomorrow, will provide insights into inflation trends. The Fed is expected to cut rates, but the size of the reduction remains uncertain, with markets divided between a 0.25% and 0.5% cut. While inflation has moderated, it's still above the Fedβs 2% target, and concerns over the slowing labour market have intensified, influencing the Fed's decision-making process.
Europe's top court ruled against Apple in a case involving β¬13 billion in back taxes to Ireland. The European Commission had accused Apple of receiving illegal tax benefits from Ireland. While a lower EU court previously sided with Apple, the European Court of Justice reversed that decision, supporting the original 2016 ruling. Apple denies any special tax treatment, stating that this issue is about which government receives the taxes. The company will incur a $10 billion tax charge in Q4 2024.
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Headlines
Disney vacations are increasingly out of the price range of the average family. Since 2014, ticket prices have increased 56% compared to 32% national inflation.
JPMorgan Chase fell over 5% after lowering its forecasts.
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Daily News for Curious Minds
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