Investors and economists are expecting more data in the week, including new data on US consumer spending and employment.
Wall Street goes up this Wednesday, August 30 and thus scores his fourth day of consecutive rises and moves a little further away from the losses suffered in the market during the eighth month of the year.
Also, the yields of Treasury bond they fell during the session, after weaker-than-expected economic and labor data. The S&P 500 just go up a 0.2%. The reference index chains three consecutive increases, but continues to fall so far this month. the dow rises 68 points, 0.2%, and the index nasdaq it does so by 0.2%. The profitability of treasury bond at 2 years it fell to 4.83%.
Markets rallied on the eve after the Conference Board reported that consumer confidence fell in august, surprising economists who had expected levels to hold around the strong reading in July. Consumer confidence and spending are data the Federal Reserve is watching closely amid persistent inflationary pressure.
Also on Tuesday, the Government reported that the job offers fell to the lowest level since March 2021, a bigger drop than economists expected. The report also showed that the number of Americans quitting their jobs fell sharply for the second month in a row, clear signs that the job market is cooling in a way that could lower inflation.
Wall Street: Interest Rates and Market Hope
Investors hope this may deter the Fed to raise your interest rate again for reference when it meets later this month. The US central bank has been raising its main interest rate to its highest level since 2001 for more than a year in an effort to bring inflation back to its 2% target. Wall Street is betting that the Federal Reserve will not raise rates at its September meeting.
The US economy expanded at a solid 2.1% annual pace between April and June, showing continued resilience in the face of higher borrowing costs for consumers and businesses, the government said on Wednesday in a downgrade of its estimate. initial.
The government had previously estimated that the economy expanded at an annual rate of 2.4% last quarter.
Investors and economists have several important economic reports pending throughout the week, including new data on the thursday consumer spendingwhich contain a measure of inflation that the Federal Reserve closely monitors. On Friday the monthly employment report for August will be released.
Source: Ambito
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