Friday's Markets Update (April 28, 2023)

28 Apr 2023 by rate3

The estimates for March, released by the BEA on Friday, indicated that the PCE (personal consumption expenditure) increased by 0.1 percent (spending on services rose, while spending on goods decreased), while Core PCI (excluding food and energy) rose by 0.3 percent meeting analysts’ expectations. Traders considered this positive news and continued to invest in tech stocks, resulting in a slight rise in NASDAQ (o: 12117, c: 12226). Meanwhile, BTC (o: 29229, c: 29328) remained within a range.

In Week 18, traders are expected to pause ahead of Wednesday’s Fed Interest Rate Decision (previous: 5 percent, expected: 5.25). The week will begin with Monday’s Manufacturing PMI for April (46.3, 46.7) and March’s JOLTs (9.931M, 9.683M). On Friday, BLS will release the Unemployment Rate data (3.5 percent, 3.6). Overall, it appears to be another week of range-bound trading.