June 22, 2024

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U.S. Stocks May See Further Downside In Early Trading

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Stocks are likely to move to the downside in early trading on Thursday, extending the sharp pullback seen in the previous session. The major index futures are currently pointing to a lower open for the markets, with the S&P 500 futures down by 0.4 percent.

Concerns about the outlook for interest rates may weigh on Wall Street following the release of a slew of U.S. economic data, including a Commerce Department report showing GDP soared by more than expected in the third quarter of 2023.

The Commerce Department said GDP spiked by 4.9 percent in the third quarter after jumping by 2.1 percent in the second quarter. Economists had expected GDP to surge by 4.2 percent.

The stronger than expected GDP reflected increases in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, and residential fixed investment.

The Commerce Department also released a report on Thursday showing new orders for U.S. manufactured durable goods spiked by much more than expected in the month of September.

The report said durable goods orders soared by 4.7 percent in September following a revised 0.1 percent dip in August.

Economists had expected durable goods orders to jump by 1.5 percent compared to the 0.1 percent uptick that had been reported for the previous month.

Excluding orders for transportation equipment, durable goods orders climbed by 0.5 percent in September, matching the increase in August. Ex-transportation orders were expected to rise by 0.2 percent.

Meanwhile, the Labor Department released a report showing first-time claims for U.S. unemployment benefits edged higher in the week ended October 21st.

The report said initial jobless claims rose to 210,000, an increase of 10,000 from the previous week’s revised level of 200,000. Economists had expected jobless claims to rise to 208,000 from the 198,000 originally reported for the previous week.

A negative reaction to quarterly results from Meta Platforms (META) may…

2023-10-26 08:51:22

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