From the Desk - Economic Commentary
Brandon Casey, Member Strategist - 7/26/2024
U.S. stocks opened higher on the last trading day of what has been a volatile week for the market. On the week, the DJIA is higher as a result index jumping 1.4% this morning. Both the S&P 500 and Nasdaq are poised to finish the week lower, barring a continued rally to close the day.
Looking at economic data today, the PCE Price Index increased 0.1% in June and 2.5% over the last year, both matching expectations. Core PCE, the Fed’s preferred inflation measure, was up 0.2% for the month and 2.6% over the last year, also both matching expectations. The annual reading was unchanged from the previous month.
Personal incomes were up 0.2% in June, missing expectations of 0.4%. Personal spending rose 0.3%, as expected. The personal savings rate fell to 3.4%, its lowest level since November 2022.
U.S. Treasury yields are lower this morning, with the 2-year Treasury yield down 5.6 basis points to 4.39%, the 5-year Treasury yield down 6.1 basis points to 4.09%, and the 10-year Treasury yield down 5.0 basis points to 4.21%. Advance rates are lower throughout most of the curve today.
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