Wall Street looked last Monday A dovish message from Federal Reserve Chairman Jerome Powell Last week I got ready for the key inflation and jobs data that would arrive on Thursday and Friday.
Standard & Poor’s 500 (^ GSBCThe Dow Jones Industrial Average rose 0.6%.^ DJI) profit of 0.6%, more than 200 pips. The high-tech Nasdaq Composite Index (^ ix) advanced 0.8%, notching a win during the last trading days of a bumpy August.
Economic calendars and earnings were sparse at the start of the week, with no major earnings announcements while the Dallas Fed’s monthly manufacturing report was the economic highlight. that report Show continuous undoing in the manufacturing sector in Texas.
While calls for a recession in the US have escalated or reversed in recent weeks, more market watchers are preparing for a longer period of interest rate hikes. Powell’s speech in Jackson Hole Friday morning, while balanced and cautious, provided more fuel for investors who think so The Fed will raise interest rates before the end of the year.
Data in the coming days will provide central bankers with more comment on whether previous rate hikes have done enough to ease price pressures or whether more increases are needed to tame inflation.
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