By ForexTime
Disappointing earnings reports from Microsoft and Meta sent the index tumbling almost 2% on Thursday while weaker-than-expected sales in China pressured Apple shares post-market trading.
And we could see more action this afternoon due to the key US jobs report (Friday 1st November).
But all eyes will be on the pivotal US election along with major central bank decisions in the week ahead:
Monday, 4th November
Tuesday, 5th November
Free Reports:
Wednesday, 6th November
Thursday, 7th November
Friday, 8th November
Despite recent losses, the US500 is still up almost 20% year-to-date – adding to the 24% gains secured in 2023. Still, the index’s outlook hangs on how events play out in the week ahead…
Here are 3 reasons you should keep a close eye on the US500:
US voters head for the polls on Tuesday, 5th November in what has been a tight presidential race.
This will be the most significant event for the United States in 2024, potentially influencing US stock markets depending on who becomes the new president.
Just two days after the US election the Federal Reserve is expected to cut interest rates by 25 basis points in November. But this decision could be influenced by the incoming US jobs report and the election outcome.
Although annual inflation has edged closer to the Fed’s 2% target, economic data remains mixed. A strong jobs report could fuel bets around slower-than-expected Fed rate cuts. But the election outcome is likely to determine what action the Fed takes in December and beyond.
Traders are currently pricing in a 95% probability of a 25-basis point cut in November with a 68% probability of another cut by December.
Considering how tech stocks account for over 30% of the S&P 500 weighting, the Fed decision could trigger price swings. Tech stocks are influenced by interest rates because their value is based on earnings forecasted in the future.
The US500 has breached the bullish channel on the daily timeframe with prices trading 3% away from the all-time high at 5890. Interestingly, the Relative Strength Index (RSI) is approaching 30 – signalling that prices could be entering oversold zones.
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