The blue-chip Dow was set to post slim weekly gains, with stocks struggling to advance this week as initial hope that inflation had peaked gave way to doubts following the Federal Reserve’s minutes from July meeting.
High-growth and technology stocks such as Amazon.com Inc and Alphabet Inc fell over 2% as US Treasury bond yields rose, mimicking European bonds as Germany posted a record-high increase in monthly producer prices.Banks fell 2.3% and were set to end the week lower, potentially snapping their six-week winning streak.
Meanwhile, Richmond Federal Reserve President Thomas Barkin said on Friday that the Fed’s efforts to control inflation could lead to a recession, but it needn’t be “calamitous”. Focus next week will be on Fed Chair Jerome Powell’s speech on the economic outlook at the annual global central bankers’ conference in Jackson Hole, Wyoming.
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