Stock market today: Wall Street opens modestly higher but still headed for a loss in August

NEW YORK — Stocks are opening modestly higher on Wall Street, on track to end a mostly miserable August on an up note. The S&P 500 was up 0.2% in early Thursday. It’s still on track for its first monthly loss since February. The Dow rose 165 points, or 0.5%. The Nasdaq composite was up 0.2%. Treasury yields were holding relatively steady. The government reported that the measure of inflation that’s closely tracked by the Federal Reserve remained low last month.

The Fed has raised interest rates 11 times since March of 2021 in an attempt to stifle inflation. Higher rates help to cool the economy and slow price growth, but analysts hope not so much as to tip the economy into recession. In equities trading, Dollar General fell more than 16% in premarket after the discount retailer missed Wall Street's sales and profit targets and slashed its outlook for the rest of the year.

In Europe, annual inflation held steady in August as food prices raced ahead of falling fuel costs, but there was no clarity about whether the European Central Bank will pause its record series of interest rate hikes. Chinese economic growth slid to 0.8% over the previous quarter in the three months ending June from the January-March quarter’s 2.2%. Exports have contracted and retail spending is weak.

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