The Fed’s closely watched inflation gauge showed August PCE at 2.7% YoY and Core PCE at 2.9%, both in line with market expectations. Trump announced new tariffs of 25–100% on imported drugs, heavy trucks, cabinets, and more. Reports say Trump will use tariffs to push chip production back to the U.S.
After three straight losses for the first time this month, the market pulled back yesterday to the level where the last FOMC rally began. In pre-market, it rebounded to around $662, the key upside test for today. The open needs to break this level quickly to end the adjustment. Falling back under $658 would mean more downside testing. The support and resistance zones remain the same as noted in recent days. Key watch today: whether the weekly chart can extend gains after three straight weekly green candles.
In pre-market trading, more stocks are up than down. COST beat earnings, but same-store sales growth slowed for two quarters in a row; stock -2% pre-market. Amazon agreed to a $2.5B settlement over a Prime membership lawsuit; stock bounced from the yearly average line. Reports say FAA will ease 737 Max delivery limits. Boeing won large orders from Norway and Turkey; stock +4% pre-market. Among the 7 mega-cap tech stocks, only AAPL remains strong, pushing to record highs. The others need quick stabilization.
With month-end and quarter-end near, funds are in the final window for window dressing and portfolio rebalancing. Q3 earnings season starts in two weeks. Main focus remains preparing for earnings and strict risk control. Short-term swing trades should be quick in and out, with caution on downside risk.
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