NEW YORK (AP) — Stock prices on the New York Stock Exchange were mixed on Monday, kicking off a week in which several major reports will be released, which could weigh on financial markets.
The S&P 500 index fell 3.69 points, or 0.1%, to finish at 4,411.55. The Dow Jones Industrial Average gained 54.77 points, or 0.2%, to 34,337.87, and the Nasdaq Composite lost 30.36 points, or 0.2%, to close at 13,767.74.
The market was coming off a week in which there were relatively few reports that gave clues to the central questions on Wall Street: When will the Federal Reserve stop its interest rate hikes and start lowering them? Can the economy remain as resilient as it has been? But this week will offer more, including the latest monthly update on inflation and earnings reports from some of the country’s biggest retailers.
The summer earnings reporting season is coming to a close, and most companies have once again exceeded analyst expectations. Henry Schein was the latest to beat Wall Street forecasts: the healthcare products supplier rose 5.4%.
Tyson Foods’ results also beat expectations for adjusted earnings, but its shares fell 2.8% after warning of potentially tough times ahead. The meat company indicated it could see zero growth in its overall revenue in the next fiscal year.
This week, Target, TJX and Walmart will present their own results, and more attention may be paid to what they say about upcoming trends than what happened over the summer.
The economy has remained strong, even though the Federal Reserve has raised its main interest rate to its highest level since 2001, hoping to end high inflation. But concerns remain about whether the economy can remain strong as the effects of the rate hikes are felt throughout the system.
That’s why a lot of attention will be paid to Tuesday’s inflation report. The hope is that this will continue to decline from its peak in the summer of 2022, when it exceeded 9%, and convince the Federal Reserve that it is no longer necessary to continue raising rates. In turn, that could accelerate the timetable for potential interest rate cuts, which could boost financial markets.
Economists expect the report to show that consumers paid 3.3% higher prices in October than a year earlier, below the inflation rate of 3.7% in September.
In the bond market, the 10-year Treasury yield fell to 4.62% from 4.63%.
Associated Press writers Zimo Zhong and Matt Ott contributed to this report.
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2023-11-13 23:47:25
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