NEW YORK — Wall Street is ticking higher to claw back a bit of its deep losses for August so far. The S&P 500 was up 0.3% in early trading Monday, coming off its third losing week in a row. The Dow rose 21 points and the Nasdaq composite was up 0.4%. The relatively quiet trading followed a mixed performance for stock markets worldwide. The week’s main event for markets is likely to be a speech on Friday by Federal Reserve Chair Jerome Powell.
There “may be rude hawkish surprises” for investors who assume rate hikes are finished, said Tan Boon Heng of Mizuho Bank in a report. Chair Jerome Powell “may allude to structurally higher inflation being the new norm." Electric car maker Tesla clawed back some of last week's 10% loss, rising about 3% before markets opened.Some investors are shifting money to bonds as higher interest rates make their payout bigger and less risky.
Inflation has declined from its peak above 9% last year but still is above the Fed’s 2% target. Consumer prices rose 3.2% in July over a year earlier, up from the previous month’s 3% increase.
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