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US stock futures reverse much of yesterday's rally

US stock futures reverse much of yesterday's rally

Today's price action is a reminder that every economic data point is an important data point. We got the third look at Q3 GDP -- which isn't normally a market mover -- but stronger consumer spending and corporate profits boosted it to 3.2% from 2.9%.

That has the market worried that at least another 50 bps from the Fed is coming and maybe 75 bps, along with a higher-for-longer scenario.

In turn, S&P 500 futures are down 34 points with most of that coming after the data.

Howe... Read More

Posted: Dec 22 2022, 14:25
Author Name: forexlive
Views: 111544

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