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The US market is showing the first signs of a correction.
On Wednesday, US indices fell for the second day in a row. The Dow lost 0.7%, the NASDAQ remained at the same level, and the S&P500 dropped by 0.5%.
The oil price fell by $2 yesterday, along with the US market decline. At the same time, US oil inventories rose by 4.2m barrels.
The global infection rate is still at the same level. Yesterday, +478K new cases were recorded in the world. The US and the UK reported +79K and +44K new infections respectively.
Inflation rose significantly around the world. Brazil's central bank on Wednesday raised interest rate to 7.75% (consensus expected 1% increase to 7.25%). A week earlier the Russian Central Bank increased its key interest rate to 7.5%. Everyone is waiting for the US Federal Reserve's decisions next week.
The S&P 500 is trading at 4,550. It remains in the range of 4,510-4,580. US durable-goods orders fell 0.4% in September, after a 1.3% rise in the prior month, the Commerce Department said on Wednesday. Excluding transportation, durable-goods orders were up 0.4%.
The US GDP report for Q3 will be released today. GDP growth is expected to fall to 2.5% - 3.5% in Q3 from 6.7% in Q2. The GDP inflation rate will also be published. A growth of 5% is expected. Tomorrow the income/expenditure report and the PCE inflation index will be released.
US government bond yields are rising ahead of the Fed meeting. The 2-year note yield rose yesterday to 0.5%. The yield on the 10-year US Treasury note added 1.6%.
Reports from US companies are strong. Coca-Cola's profits rose, +17%, to $7.4bn, General Motors' profits jumped 2.3 times, to $8.3bn, McDonald's profits climbed 1.8 times, to $5.9bn. Boeing has almost completely cut its losses from 3.5bn a year earlier.
Thus, the US economy is growing, but at a slower pace. The market is at highs and waiting for the Fed's announcement.
The US dollar index is trading at 93.80. It is trading in the range of 93.50-94.10. The dollar index is in a range ahead of important data. Expectations of a Fed meeting are supporting the dollar via rising US government bond yields.
The USD/CAD pair is trading at 1.2370. It remains in the range of 1.2300-1.2430. The pullback in oil prices has reduced the downward pressure on the pair, but oil is likely to continue rising after the correction. However, the dollar could also rise on the Fed's statements.
Market participants wait for the US data and watch the reaction of the markets.
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