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- US stocks rose on Monday as investors eyes developments in China and awaited fresh economic data.
- Traders are also still assessing the path for interest rates after Fed chief Powell’s Jackson Hole speech on Friday.
- Investors can expect new PCE and employment data this week.
US stocks gained Monday morning as traders considered Beijing’s latest attempt to support its markets, which have been teetering amid a barrage of negative headlines about China’s economic situation.
Officials over the weekender announced measures including a reduced stamp levy, and elimination of certain restrictions on share sales.
Though this fueled a 5.5% gain in China’s CSI 300 Index of mainland stocks, the rally was short lived, highlighting continued gloom on the prospect of a Chinese recovery.
Investors are also still interpreting comments delivered at last Friday’s Jackson Hole central bank symposium. There, Federal Reserve Chairman Jerome Powell confirmed a higher-for-longer interest rate future, noting that inflation continues to be well above the Fed’s 2% target rate and that more rate increases could be warranted to get prices under control.
Expectations of another hike rate in November climbed slightly from last week, with 49.8% of investors now expecting one.
On Thursday, investors can expect the latest Personal Consumer Expenditures Price Index data, the Fed’s preferred gauge of inflation. An update on unemployment and nonfarm payrolls will be released on Friday.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:
Here’s what else is going on today:
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil was up 0.2% to $80.01 a barrel. Brent, the international benchmark, declined slightly to to $84.40 a barrel.
- Gold was nearly flat at $1,941.90 an ounce.
- The yield on the 10-year Treasury dropped three basis points to 4.206%.
- Bitcoin declined climbed 0.38% to 26114.511.
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