The S&P 500 (Index: SPX) reached a new height to mark the end of the second week of October 2024. The index closed at a new all time record high of 5,815.03 on Friday, 11 October 2024, a 1.1% increase over where it closed in the previous week.Most of that week-over-week gain came on Friday as both JP Morgan Chase (NYSE: JPM) and Bank of New York (NYSE: BNY), as both banks beat profit estimates, which was unexpected news.Aside from that surprise, the rest of the week was characterized by a lot of chatter by Federal Reserve officials, who aimed to set expectations for smaller rate cuts in the remaining months of 2024.How the rest of earnings season plays out remains to be seen, but this week, it’s good earnings news that has Wall Street bulls considering the prospect of higher highs in the quarter ahead. Which coincidentally, is what the latest update of the alternative futures chart projects lies ahead during this quarter. latest updateFor now, the trajectory of the S&P 500 lies within the redzone forecast range we added several weeks ago, which we expect to continue until it runs out in three weeks.There was more information for investors to absorb during the week that was, here’s our summary of its market moving headlines.Monday, 7 October 2024
- Oil pares gains after strongest weekly rise in over a year
- Fed’s Williams says appropriate again to cut rates ‘over time’, FT reports
- Fed’s Musalem argues for more rate cuts, says data to drive easings
- China home sales rise after stimulus measures, state media says
- Bank of Korea to kick off easing cycle with 25 bps cut on October 11: Reuters poll
- Fall in Japan’s real wages, spending likely just minor bump for further BOJ hikes
- ECB will probably cut rates in Oct on risk of too low inflation: Villeroy
- Bundesbank’s Nagel says he is open to another ECB rate cut
- Wall Street indexes slip with interest rates, Middle East in focus
- How a rates rethink after strong US jobs data could shake up markets
Tuesday, 8 October 2024
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Crude prices slide over 4% on possible Hezbollah-Israel ceasefire
- EIA slashes US, global oil demand forecasts for 2025
- unexpected
- US candy companies favor gummies, licorice over pricey Halloween chocolates
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US jobs market cooling but still resilient, Fed’s Kugler says
- Fed’s Kugler makes case for more rate cuts if inflation keeps easing
- Fed’s Collins expects more rate cuts amid confidence inflation is easing
- Fed’s Bostic says labor market slowing but not slow, jobs gains ‘robust’
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China’s stocks rally fizzles as stimulus offer disappoints
- Hong Kong Crashes As China’s Stimulus Frenzy Ends With A Bang
- ECB to cut rates by 25bps in both Oct and Dec as euro zone economy wobbles: Reuters poll
- US-listed shares of Chinese firms slide as stimulus optimism ebbs
Wednesday, 9 October 2024
- Oil slips as strong supply counters Middle East and hurricane risk
- US 30-year mortgage rate jumps to 6.36%, biggest weekly gain in 15 months
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A ‘substantial majority’ of Fed favored large cut in Sept, minutes show
- FOMC Minutes Show Fed Considerably More Divided Over Size Of Rate Cut
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Fed Vice Chair Jefferson: rate cut aimed at keeping US job market strong
- Fed Vice Chair Jefferson: Sept rate cut was ‘timely’
- Fed’s Collins expects more rate cuts amid confidence inflation is easing
- Fed’s Daly sees one or two more interest rate cuts this year
- Fed’s Logan calls for ‘gradual’ rate cuts, says ‘should not rush’
- Fed’s Collins expects more rate cuts amid confidence inflation is easing
- China’s runaway rally stutters; commodities and global shares subdued
- China September bank lending set to rise on policy support
- ECB policymakers press case for October rate cut
- German exports rise in August, defying expectations of decline
- Wider US deficits, inflationary trade policies threaten bond outlook, says PIMCO
Thursday, 10 October 2024
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September CPI rises more than expected, indicating inflation risks remain
- 2 Warm Sept CPI inflation chills outlook for dovish Fed
- Core Producer Price Inflation Hotter Than Expected; Food Costs Surge
- Oil prices jump 4% on US storm and Israel-Iran fears
- Domino’s Pizza posts smaller-than-expected rise in comparable sales as demand stutters
- US weekly jobless claims surge amid Hurricane Helene distortions
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Fed on track for gradual rate cuts ahead, officials signal
- Fed’s Williams reckons more rate cuts lie ahead, amid solid economy
- Fed’s Goolsbee sees gradual policy rate cuts over next 12-18 months
- China’s exports likely slowed further in September as global demand cools
- BOJ may not be as dovish as Ueda’s cautious rhetoric suggests
- BOJ will hike rates if it has more confidence in forecasts, says deputy governor Himino
- South Korea’s central bank makes first rate cut, flags room for more
Friday, 11 October 2024
- Oil settles down on Florida fuel demand worries, Mideast risk drives weekly gains
- Traders keep bets on 25 basis point Fed rate cuts in November, December
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news
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- profit estimates
The CME Group’s FedWatch Tool continues to project a quarter-point rate cut at the Fed’s upcoming 7 November 2024 meeting. Afterward, the FedWatch tool anticipates that the Fed will continue a series of quarter point rate cuts at six-to-twelve-week intervals well into 2025.The Atlanta Fed’s GDPNow tool’s projection of the real GDP growth rate for the current quarter of 2024-Q3 increased to +3.3% from the previous week’s forecast of +2.5% growth.More By This Author:Why Has Eating Out Become So Costly?When Is the Worst Time for Your Retirement Savings to Take a Hit?Climbing Limo GDP Forecast For 2024-Q3
