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Aug 19 - Wall Street's main stock indexes extended their gains in choppy trading on Monday after clocking their best week of the year, while investors looked ahead to Federal Reserve Chair Jerome Powell's speech at Jackson Hole for rate-cut indications.
Goldman Sachs lowered the odds of the United States slipping into a recession in the next 12 months to 20% from 25% following the latest weekly jobless claims and retail sales reports. Minutes from the Fed's last policy meeting are due on Wednesday, and Powell will speak at the economic symposium in Jackson Hole on Friday, with investors keeping an eye out for any signs of acknowledgment of a rate cut in September.
Traders currently see a 75.5% chance of the Fed cutting interest rates by 25 basis points in September, compared with an even split between a 50 and 25 bps cut seen a week ago, according to the CME FedWatch Tool. Estee Lauder , opens new tab fell 1.9% after the cosmetics maker forecast annual profit below expectations.
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