After staging a rebound in the first half hour of trading, the S&P 500 struggled for direction. The gauge has already given back more than half of this year’s rally and is trying to hang on to its 50-day moving average. Treasury two-year yields — which are more sensitive to imminent Fed decisions — dropped from the highest since 2007. The dollar fluctuated.
Forecasters boosted their projections for the Fed’s preferred inflation gauge — the personal consumption expenditures price index — for every quarter through the first half of next year. The metric is now seen averaging 2.4% on an annual basis in mid-2024 compared to 2.3% last month. They see a similar sluggishness in the subsiding of the consumer price index., the biggest maker of computer processors, slashed its dividend payment to the lowest level in 16 years, to preserve cash for investment.
Between JPMorgan Chase & Co.’s results that kicked off the announcement season and Walmart Inc.’s report on Tuesday that marked its unofficial end, the S&P 500 added 0.4%. This ties for the smallest earnings-season reaction in either direction since 2018, data compiled by Bloomberg show.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: dailymaverick - 🏆 3. / 84 Read more »