The S&P 500 ticked up 6.35 points, or 0.1%, to 4,457.49 after falling for three straight days. It lost 1.3% for the week, which was shortened by the Labor Day holiday.
Such data have pushed yields higher in the bond market, which hurts stock prices. But yields held relatively steady on Friday, helping to keep Wall Street quiet. Smith & Wesson Brands jumped 10.8% after the gun maker reported stronger results for the three months through July than analysts expected. The summer is usually a lean season for the company, but its sales rose 35% from a year earlier.
The upcoming week could be a busier one for markets globally. The centerpiece is likely the latest monthly update on inflation in the United States, due on Wednesday. Economists expect it to show prices at the consumer level were 3.6% higher in August than a year earlier. In conversations with clients, strategists at Bank of America say they're hearing the belief that the Fed is done hiking rates and the acceptance that rates will stay higher for longer. "We disagree on the former and agree on the latter," the strategists led by Mark Cabana wrote in a BofA Global Research report. "Both imply higher rates."
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Stock market today: Big Tech stocks drag Wall Street down againNEW YORK (AP) — Wall Street is sinking again on worries that a too-warm economy will push the Federal Reserve to keep interest rates higher for longer. The S&P 500 fell 0.7% early Thursday, on track for a third straight loss.
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Asia Stocks to Follow Wall Street’s Apple-Led Drop: Markets Wrap(Bloomberg) -- Stocks in Asia were set to follow a big tech-led drop on Wall Street amid concern over how a Chinese ban on Apple Inc.’s iPhone could impact the industry that has driven this year’s market rally. The dollar held gains.Most Read from BloombergApple’s 2-Day Slide Nears $200 Billion on China IPhone CurbsTrudeau Says There’s No Room for Political Rapprochement With ChinaChina Seeks to Broaden iPhone Ban to State Firms, AgenciesSoaring US Dollar Raises Alarm as China, Japan Escalate FX
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Stocks tumble with Fed's next move in focus, Apple losses deepen: Stock market news todayStocks were lower on Thursday amid building signs the US economy could be running hot.
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