to their worst single-day fall on Friday since Aug. 24, with the indexes losing between 0.8% and 1.5%.
A recent inflow of hotter-than-expected economic data has eased concerns about a potential recession, without raising fears of a September rate hike, though an uptick in crude prices threatens to keep inflation elevated, with oil prices firming on Monday.a bright spot among major S&P 500 segments, up 0.5%.
"Oil prices have entered into the narrative now and the Fed will consider this," said Peter Andersen, founder of Andersen Capital Management. "There will be a pause in September as indicated by the futures market. It is very important that we watch the upcoming CPI numbers and the employment numbers because they could have a strong impact on the way the Fed will wrap up the year."
Traders largely expect the Fed to keep rates unchanged at 5.25% to 5.5% during its meeting on Wednesday, while their odds for another pause in November stand at 69%, according to the CME FedWatch Tool.
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