Markets today: Stocks edge higher in run-up to U.S. inflation data

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Stocks edged higher as traders awaited inflation data that will help shape the outlook for the U.S. Federal Reserve’s next steps.

A trader wearing a red trading jacket cleans up a booth on the trading floor of the Hong Kong Stock Exchange. --

Tom Essaye at The Sevens Report says he doesn’t think fundamentals have deteriorated enough to warrant de-risking and reducing equity or risk exposure — but he also wants to caution against dismissing the recent uptick in volatility. The reduction implies a slowdown in corporate earnings to the “low single digits” compared with an 11 per cent increase in the second quarter, the strategists said.

Reduced equity positioning and a resumption of buybacks after a blackout period present a short-term window to buy the dip in U.S. stocks, according to Scott Rubner at Goldman Sachs Group Inc. The risk-reward for stock markets remains mixed over the summer months against the backdrop of weakening business activity and negative earnings revisions, according to JPMorgan Chase & Co strategists led by Mislav Matejka.

 

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