Economic Hightlights 31.10.2024: U.S. Stocks Fall Amid Mixed Economic Data
31 thg 10, 2024
U.S. Economic Data for Q3 Falls Short of Expectations, Leading to Declines in the Three Major Stock Indexes. Meanwhile, ADP Job Report Shows the Private Sector is Creating the Most Jobs in Over a Year.
U.S. Stock Market on October 30: By the end of trading on October 30, the S&P 500 fell 0.33% to 5,813.67 points. The Dow Jones Industrial Average declined 0.22% to 42,141.54 points, and the Nasdaq Composite dropped 0.56% to 18,607.93 points, despite hitting a new record high earlier in the session.
Q3 U.S. GDP grew by 2.8% year-over-year, falling short of analysts' expectations of around 3%. The ADP report showed that the U.S. private sector added 233,000 new jobs, surpassing the forecast of 114,000.
U.S. Treasury Bonds on October 31: The yield on 10-year Treasury bonds continued to rise, reaching as high as 4.3% this morning.
Dollar Index (DXY): The DXY index rose to 104.43 at the start of the trading session before reversing to 104.06.
Gold Market: Spot gold contracts closed up 0.5% to $2,788.89 per ounce. Gold futures rose 0.7% to $2,799.90 per ounce. A senior market strategist at RJO Futures predicts that gold could reach $2,850 per ounce in the near future. According to the Financial Times, for the first time, the value of global gold demand exceeded $100 billion in Q3 2024.
Commodity Trading Market: Oil prices rose over 2% as U.S. inventories unexpectedly declined. Brent crude contracts increased by 2.01% to $72.55 per barrel, and WTI crude rose 2.08% to $68.61 per barrel.
The U.S. Energy Information Administration (EIA) reported that U.S. crude oil inventories for the week ending October 25 were over 425.5 million barrels, down 0.5 million barrels due to reduced imports. U.S. gasoline stocks also fell unexpectedly last week to their lowest level in two years.
Metals Market: Metals trended downward during the session. December 2024 silver settlement prices fell 1.1% to $34.075 per troy ounce. January 2025 platinum prices dropped 4% to $1,021.7 per troy ounce. December 2024 copper prices edged down 0.2% to $4.3515 per pound.
Source: Compilation
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