NEW YORK (AP) — Stocks are opening slightly higher on Wall Street following some encouraging profit reports from big companies. The S&P 500 was up 0.3% early Thursday, trimming its slump for August.
NEW YORK — Stocks are opening slightly higher on Wall Street following some encouraging profit reports from big companies. The S&P 500 was up 0.3% early Thursday, trimming its slump for August. The Dow rose 94 points and the Nasdaq composite rose 0.2%. Cisco Systems helped lead the way with a gain of 3.6%. The maker of networking products reported stronger profit and revenue for the latest quarter than analysts expected.
Inflation has slowed significantly since the central bank started its rate-raising campaign a year-and-a-half ago, but with consumer prices up 3.2% year-over-year, it's still higher than the Fed's target of 2%. Despite the furious pace of rate hikes, the labor market is robust and Americans remain the economic engine for the U.S. as they continue to spend.
Fed Chair Jerome Powell said Wednesday that the Fed staff no longer projects a recession this year but sees an economic slowdown with risks to growth tilted to the downside and risks to inflation tilted to the upside. Walmart reported strong second-quarter sales results Thursday as the retailer’s low-price model continues to attract budget-conscious consumers. Shares rose 2% before the bell as the nation’s largest retailer boosted its annual outlook again.At midday in Europe, the FTSE 100 in London fell 0.4%, while the CAC 40 in Paris and the DAX in Frankfurt were each down less than 0.1%.
Yields widened further after the release of Fed notes increased expectations of another possible rate hike. When safer bonds pay higher returns, investors often feel less incentive to buy stocks, which have more volatile prices.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock futures edge up as yields stay near recent highs: Stock market news todayWall Street looked to rebound from two straight down sessions.
Read more »
Wall Street’s Most Hated 3 Letters Prove Too Risky to Ignore(Bloomberg) -- As the label “ESG” ends up among the most hated on Wall Street, the financial cost of ignoring it is making headlines.Most Read from BloombergFed Saw ‘Significant’ Inflation Risk That May Merit More HikesGoldman CEO’s Most Loyal Deputy Is Tested by Mutinous PartnersChina Shadow Bank Misses Dozens of Payments as Risks GrowHigh-Potency Pot Market Worth Billions Draws Regulator ScrutinyStocks, Bonds Fall as Rate Hikes Left on the Table: Markets WrapIn just the past few weeks, a strin
Read more »
The close: TSX drops the most in 10 months as inflation data spooks investorsWall Street, oil slide as investors eye rates, China economy
Read more »
Stock market today: Global shares sink after Fed notes dent hopes of rate hikes endingBEIJING (AP) — Global stocks followed Wall Street lower Thursday after notes from a U.S. Federal Reserve meeting dented hopes interest rate hikes are finished. London, Hong Kong, Paris and Seoul declined. Shanghai and Wall Street futures advanced. Oil prices rose. Wall Street's benchmark S&P 500 lost 0.8% on Wednesday after minutes from the Fed's latest meeting suggested board members are unsure what to do after raising their key lending rate to a two-decade high. Traders had hoped the board wou
Read more »
Stocks mixed as Target jumps, Fed minutes on tap: Stock market news todayStock indexes were looking to rebound from a day that saw each lose more than 1%.
Read more »
Homebuilder sentiment falls, VinFast stock pops, Tesla's cheaper models: Top StoriesYahoo Finance Live recaps the day's top stories including: Homebuilder sentiment fell for the first time in seven months, dropping 6 points to 50, according to the National Association of Home Builders/Wells Fargo Housing Market Index. The NAHB says inflation and mortgage rates pushing 7% are weighing on homebuilders. VinFast Auto (VFS) shares soared 68% in its trading debut. VinFast CEO Madame Thuy told Yahoo Finance Live why the company sees opportunities in the U.S. Tesla (TSLA) is introducing new versions of its Model X and Model S vehicles that are cheaper but have lower ranges.
Read more »