The market is poised to be opened lower today after the GDP revision. A final Q2 productivity figure came in at 1.6%, matching economists' forecasts, but unit labor costs - a key indicator for wage-based inflation -- rose a larger than expected 4.9% vs. consensus 4.0%, a 16-year high. Inflation worries is back to the picture. Perhaps the rate hike could be in place on this month's FED meeting.
It would be intersting to see if the market can overcome this inflationary worry at the close. Watch for the volume on the down day like today and react accordingly.
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