Wall Street To Open Higher

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Wall Street To Open Higher

Wall Street To Open Higher On Rate Cut Hopes

Most of the US main indexes are likely to open higher during the Friday trading session. In fact, many will likely even extend the rally that's been going as the hopes of rate cuts in 2024 continue to grow.

The Nasdaq and S&P 500 index, in particular, is on the path to close the 4th week in green. Similarly, the Dow Jones is also on its way to close the 5th consecutive week in green. The uplift in the US stock markets is also driven by a slowdown in inflation and strong results.

All 3 Us Indices At Weekly Highs

All the 3 major indexes from the USA closed the Thursday's on record highs with the DJIA crossing the 40,000 points. On Friday, most of these indexes will likely open a little higher and are also expected to continue with the gains.

According to a senior portfolio manager, the US stock markets are still trying to digest the economic data released this week. With a lot of important data already released, investors are now looking toward the next catalyst that can drive the markets.

The key thing for the US stock markets is whether the Fed will cut rates this year or not! Up ahead is the PCE and if this indicator ends up short of the expectations, it means the US stock markets will continue to trade in green.

Meanwhile, investors will looking forward to the comments from Fed Waller and Fed Mary Daly to find any cues related to the monetary policy.

As of right now, the odds of a September rate cut by the Fed is around 68%, higher than what it was before the release of the US CPI and retail sales.

The stock which stole the spotlight was AMD which gained almost 2.3% during the premarket session. The uplift in the AMD stock came after the announcement that Microsoft could use the AMD's AI chips.

However, the Reddit made its way into the top gainers with a 13% upside on news that its content will be used by the ChatGPT.

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