• Dow Jones hung up on the 39,000.00 handle amid quiet midweek markets.
• Fedspeak continues to press down on rate cut hopes.
• Investors buckle down for the wait to key data on Thursday and Friday.

The Dow Jones Industrial Average (DJIA) is churning just above 39,000.00 in tepid Wednesday trading as markets hunker down for the wait to key data in the back half of the trading week. Federal Reserve (Fed) officials have repeatedly noted the need for patience on policy rates. The US central bank continues to look for firmer signs that inflation will continue easing to the Fed’s 2% annual target. A notable lack of economic slowdown and a still-tight labor market leaves the Fed with little need to rush into rate cuts. Several Fed officials have cautioned that there might be no rate cuts in 2024, while the Fed’s median dot plot of rate expectations suggests only a single quarter-point cut for the year.

A notable lack of data on Wednesday leaves investors to fidget in place and wait for a raft of key US datapoints slated for release on Thursday and Friday. US Durable Goods Orders, a revision to first-quarter US Gross Domestic Product (GDP), and Initial Jobless Claims are all due Thursday. Friday will round out the trading week with a fresh print of US Personal Consumption Expenditure Price Index (PCE) inflation figures for May