Stock market today: Wall Street opens higher after a rare winning week

NEW YORK — Stocks are opening higher on Wall Street as markets shift their attention from the Federal Reserve to more corporate earnings and economic reports. The S&P 500 was up 0.7% in early trading Monday. The Dow rose 274 points, or 0.8%, and the Nasdaq composite added 0.8%. U.S. stocks broke a three-week losing streak last week as investors appeared relieved that Federal Reserve Chair Jerome Powell said the central bank would “proceed carefully” on interest rates.

“The muted reaction of treasury yields to the rhetoric from Jackson Hole shows that U.S. Federal Reserve chairman Jerome Powell probably hit the right tone when it comes to keeping further policy tightening on the table but at the same time not rattling market confidence,” said Tim Waterer, chief market analyst at KCM Trade.

But Powell also took care to say he’s aware of the risks of going too far on interest rates and doing “unnecessary harm to the economy.” Altogether, the comments weren’t very different from what Powell said before, analysts said. Market-moving economic reports this week include consumer confidence, a second gross domestic product estimate, a flurry of job market data and a consumer spending report that includes a closely watched measure of inflation.Shares in 3M jumped more than 6% in premarket Monday after multiple news outlets reported the company had agreed to a $5.5 billion settlement over faulty earplugs, a much lower figure than many had expected.

“The AI boom has boosted demand for high-end chips, but end-user demand for smartphones and PCs remains weak,” said the report authored by senior economics Stefan Angrick and associate economists Dave Chia and Jeemin Bang. Japan’s benchmark Nikkei 225 added 1.7% to finish at 32,169.99. Australia’s S&P/ASX 200 gained 0.6% to 7,159.80, after data on Australian retail sales showed they rose a higher than expected 0.5%.

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 market today: Global shares mostly rise after Fed chief's speechTOKYO (AP) — Global shares were mostly higher Monday, as investors were relieved by the head of the Federal Reserve indicating it will “proceed carefully” on interest rates. France's CAC 40 added 0.8% in early trading to 7,288.58. Germany's DAX rose 0.6% to 15,730.05. Trading was closed in Britain for a bank holiday. U.S. shares were set to drift higher with Dow futures up 0.3% at 34,464.00. S&P 500 futures rose 0.2% to 4,423.50. Japan's benchmark Nikkei 225 added 1.7% to finish at 32,169.99. Au
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stocks open higher as inflation, jobs data looms: Stock market news todayStock futures were higher early Monday as markets continue to digest Powell's key speech from last week.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »