Wall Street Pauses as Crucial August Inflation Reports Loom, Fed Rate Path Uncertain
Wall Street Pauses as Crucial August Inflation Reports Loom, Fed Rate Path Uncertain
U.S. equities saw modest movement on Tuesday, September 9, as investors largely held ground ahead of pivotal inflation data expected later this week. The Nasdaq Composite, recently hitting a new record high, posted minor gains, while the S&P 500 edged up slightly and the Dow Jones Industrial Average hovered near the flatline.
Market attention is squarely focused on the upcoming August producer price index (PPI) report due Wednesday morning, followed by the consumer price index (CPI) release on Thursday. These figures are anticipated to be critical in shaping the Federal Reserve’s policy decisions at its meeting next week. While a surprisingly weak jobs report last week had fueled expectations for potential interest rate cuts, economists caution that a rise in inflation could complicate this outlook. Torsten Slok, chief economist at Apollo Global Management, highlighted concerns that if inflation climbs as expected, from 2.7% to 2.9%, it could muddy the picture for the Fed.
Among individual stocks, Nvidia traded slightly higher, and Apple shares saw a marginal dip ahead of its annual event, where a new iPhone is widely expected to be unveiled. GameStop and Oracle were scheduled to report earnings after Tuesday’s market close. Elsewhere, Fox shares fell 5% after Lachlan Murdoch took control of the media empire following a family trust settlement, and Dell Technologies slid 3% after CFO Yvonne McGill’s resignation.
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