Outlook 11/02: U.S. stock futures rise as Treasury yields fall on bets the Fed is done raising rates. The Fed on Wednesday kept interest rates unchanged again and upgraded its assessment of the U.S. economy. To be sure, Chair Jerome Powell would not rule out a rate increase at the December meeting. Investors digested further signs of softening inflation and easing in the labor market Thursday morning. Labor costs fell by 0.8% in the third quarter compared to expectations for a 0.7%. Weekly jobless claims on Thursday ticked higher to 217,000 for week ending Oct. 28, more than the 210,000 in the previous week and the 214,000 estimated. On the economic front, closely watched statistics on nonfarm payrolls, the unemployment rate and hourly wages are slated for release on Friday morning.
/ESZ23 (Dec 2023): YVAH 4250 YPOC 4232 YVAL 4210 GAP 4255.25
/ES Plan: Yesterday market closed bullish, and overnight continues on that way, moving above previous value/range, so these're the opening and initial balance options for today:
