2023-07-10 15:47:27
Wall Street’s main indexes opened slightly lower on Monday, before returning to a quiet rise, as investors continued to jitters ahead of a key inflation report, while weak data from China raised fears of a looming economic slowdown.
The Fed will take June inflation data, due on Wednesday, into account when making a rate decision later this month.
Analysts expect that the pace of inflation growth eased last month and will record the lowest growth since March 2021.
This data comes on top of the jobs report released on Friday, as the United States added the lowest number of jobs last month since 2021, unemployment decreased and wages grew more than expected, which indicates the impact of the labor market, which may affect the Federal Reserve’s decision regarding interest rate trend.
The Fed is trying to guide inflation to its 2% target, without tipping the economy into a recession that might lead to huge job losses.
Markets expect the Fed to raise interest rates by a quarter of a percentage point this month, and to keep them at that level until November, when it might raise rates once more.
Market movements
The Dow Jones Industrial Average rose 139.72 points, or 0.41 percent, to 33,874.60 points, by 15:43 GMT.
The Standard & Poor’s 500 Index rose by 2.88 points, or 0.07 percent, to 4,401.83 points, while the Nasdaq Composite Index fell 6.57 points, or 0.07 percent, to 13,649.81 points.
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