Outlook 10/10: Stock futures retreat from record after data showing sticky inflation and weakening labor market. The September consumer price index rose more than expected last month, increasing 0.2% on a monthly basis and 2.4% from the previous year. That came in ahead of the 0.1% gain and 2.3% increase expected by analysts. The year-over-year number marked the lowest increase since February 2021. The results will inform the Federal Reserve’s next steps policy steps at it readies for its first meeting after September’s super-sized cut. The findings also come as concerns mount that the central bank may slow the pace of future cuts. Fed funds futures trading data suggests a 89% likelihood of a quarter-point cut. Minutes from the latest meeting also appeared to signal some division over last month’s 50 basis point cut.
ESZ24 (DEC2024): YVAH 5846 YPOC 5832 YVAL 5812 GAP 5834.50
/ES Plan: Yesterday market closed bullish (PBT 5882), but overnight, after CPI data, looks bearish still moving within previous value, so these're the opening and initial balance options for today:
