Stock market today: Wall Street rises in early trading, though bond yields remain high

NEW YORK — Stocks are opening slightly higher on Wall Street following some encouraging profit reports from big companies. The S&P 500 was up 0.3% early Thursday, trimming its slump for August. The Dow rose 94 points and the Nasdaq composite rose 0.2%. Cisco Systems helped lead the way with a gain of 3.6%. The maker of networking products reported stronger profit and revenue for the latest quarter than analysts expected.

Inflation has slowed significantly since the central bank started its rate-raising campaign a year-and-a-half ago, but with consumer prices up 3.2% year-over-year, it's still higher than the Fed's target of 2%. Despite the furious pace of rate hikes, the labor market is robust and Americans remain the economic engine for the U.S. as they continue to spend.

Fed Chair Jerome Powell said Wednesday that the Fed staff no longer projects a recession this year but sees an economic slowdown with risks to growth tilted to the downside and risks to inflation tilted to the upside. Walmart reported strong second-quarter sales results Thursday as the retailer’s low-price model continues to attract budget-conscious consumers. Shares rose 2% before the bell as the nation’s largest retailer boosted its annual outlook again.At midday in Europe, the FTSE 100 in London fell 0.4%, while the CAC 40 in Paris and the DAX in Frankfurt were each down less than 0.1%.

Yields widened further after the release of Fed notes increased expectations of another possible rate hike. When safer bonds pay higher returns, investors often feel less incentive to buy stocks, which have more volatile prices.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock futures edge up as yields stay near recent highs: Stock market news todayWall Street looked to rebound from two straight down sessions.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Global shares sink after Fed notes dent hopes of rate hikes endingBEIJING (AP) — Global stocks followed Wall Street lower Thursday after notes from a U.S. Federal Reserve meeting dented hopes interest rate hikes are finished. London, Hong Kong, Paris and Seoul declined. Shanghai and Wall Street futures advanced. Oil prices rose. Wall Street's benchmark S&P 500 lost 0.8% on Wednesday after minutes from the Fed's latest meeting suggested board members are unsure what to do after raising their key lending rate to a two-decade high. Traders had hoped the board wou
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stocks mixed as Target jumps, Fed minutes on tap: Stock market news todayStock indexes were looking to rebound from a day that saw each lose more than 1%.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »