The major indexes suffered a sharp drop in early August, with the S&P 500 losing as much as 7.3% before recovering. The Dow and Nasdaq fell as much as 5.4% and 10.7%, respectively, at their lows this month. However, they are now on track to close the month in positive territory.
Wall Street is up on Friday as investors look to close a volatile month in positive territory, while evaluating crucial inflation data which are closely watched by the Federal Reserve.
The S&P 500 gained 0.7%, while the Dow Jones Industrial Average gained 57 points, or 0.1%. The Nasdaq Composite gained 1.1%.
The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, rose 0.2% on the month and 2.5% from a year earlier, meeting estimates of economists surveyed by Dow Jones. Excluding food and energy, it also rose 0.2%..
The Federal Reserve is closely monitoring this indicator, which could influence policymakers’ interest rate decision in September.
U.S. consumer confidence rose for the first time in five months as slowing inflation and prospects for Fed rate cuts helped brighten expectations about personal finances. Consumers expect prices to rise at an annual rate of 2.8% over the next year, down from the 2.9% expected last month and the lowest level since late 2020.
Wall Street: how August ends
As August draws to a close, the S&P 500 is on track for a gain of nearly 1.9% for the month, while the Dow is on track to add 1.5%. The Nasdaq Composite has lagged, increasing by only 0.3%. EThe S&P 500 is on track to post its fourth straight month of gains.
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Major indexes suffered a sharp drop in early August, with the S&P 500 losing as much as 7.3% before recovering. The Dow and Nasdaq fell as much as 5.4% and 10.7%, respectively, at their lows this month.
Source: Ambito
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