Beat the street: Fed speeches; consumer morale; oil set for a weekly gain; Dow eyes 40,000
Investors eye the Dow Jones Industrial Average after it staged the seventh straight daily advance. The US benchmark is now edging towards the 40,000 mark.
US consumer sentiment is likely to have eased slightly in May, but still paint a robust picture of the economy. Oil prices are set for a weekly gain on positive demand signals and geopolitics that don't appear to be worsening.
(AI Video Summary)
Dow Jones
In the today's edition of "Beat the street," Angeline Ong discusses notable market trends ahead of Wall Street's cash open. The Dow Jones continues its upwards trajectory with its seventh consecutive rise, hinting at robust US economic health despite slightly dipping consumer sentiment expectations.
USD strength
The US dollar's strength poses challenges for multinational corporate earnings, correlating with a potential 3% impact on S&P 500 earnings for every 10% year-over-year rise. Attention is also on OpenAI's potential announcement of a Google search competitor.
Commodities
Additionally, commodities like oil, gold, and iron ore are highlighted for their implications on inflation and central bank interest rate decisions, with iron ore imports expected to hit a record high by 2024. Oil prices are set for a weekly gain amidst favorable demand signals and geopolitical dynamics.
Overall, the market maintains a positive direction, closely monitoring consumer sentiment and various economic indicators.
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