After better-than-expected monthly inflation figures, U.S. markets are on the rise.
Stock Market News
Date:-29-09-2023
The last trading day of the month and quarter saw U.S. stocks rise as investors were encouraged by higher-than-anticipated monthly inflation figures.
The Dow Jones Industrial Average was up 18 points, or 0.1%, at 11:12 ET (15:11 GMT), while the S&P 500 was up 0.4% and the Nasdaq was up 0.9%.
Wall Street's major indices all closed higher on Thursday, with the tech-heavy Nasdaq Composite posting a 0.8% gain. The reversal in Treasury yields from 16-year highs lent assistance to the stock market.
The Nasdaq and the benchmark S&P 500 are set to have their worst months of the year on the eve of the last trading day of the month, while the Dow Jones Industrial Average of 30 stocks is set to fall by 3%.
Recent headlines have focused on the Federal Reserve's planned interest rate hikes, rising oil costs, and the looming shutdown of the U.S. government over funding.
In a major way, PCE
The Federal Reserve's favored inflation barometer, the personal consumption expenditures price index, showed a monthly increase in August that was higher than expected. The headline number was 3.5% on an annualized basis and 0.4% from the previous month. The annual rate of change in core PCE (PCE minus the cost of food and energy) was 3.9%, and the monthly rate was 0.1%. Both monthly increases were a tad below projections.
The headline PCE index for August was anticipated by economists to rise modestly, indicating sustained upward pressure on prices in the world's largest economy.
When deciding whether or not to raise interest rates again this year, Federal Reserve officials are likely to give this indicator a lot of weight.
The Federal Reserve Board of Governors left interest rates unchanged last week within the range of 5.25% to 5.50%, but signaled that additional tightening may be necessary at its upcoming November or December meetings to help lower inflation.
Profit for Nike exceeds projections.
Nike Inc (NYSE:NKE) stock rose 6.1% after the sports clothing maker posted fiscal first-quarter results that far beyond expectations, despite a revenue miss caused by weakness in North America and an economic downturn in its key China market.
Revenue for the quarter was $12.94 billion, yielding earnings per share of 94 cents. Investing.com questioned industry experts, and they predicted an EPS of 75 cents on revenue of $13.02 billion.
Nike, headquartered in Oregon, maintained its guidance for the fiscal year 2024, earning praise from Bernstein analysts for a "nice beat."
With supplies running low, oil is expected to rise this week.
Oil prices rose in volatile trading on Friday, continuing this week's trend of a 2% climb due to supply constraints in the United States and expectations of increased demand in China due to the country's Golden Week holiday.
Thanks in part to measures by Saudi Arabia and Russia to extend output curbs until the end of the year, prices have soared by 30% in the most recent quarter, reaching their highest levels in 2023. Recent strength has also come from the United States, where inventories at a key delivery point for U.S. oil futures are at their lowest level since July 2022).
Demand in the world's largest importer of petroleum is projected to rise as a result of heavy travel during the week-long Golden Week vacation in China.
Reports indicate that Saudi Arabia, the group's de facto leader, may offer a potential drop in voluntary production cuts at next week's ministerial panel of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.
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