A pedestrian passes by the Hong Kong Stock Exchange electronic screen in Hong Kong, on July 3, 2023. Asian shares were mostly higher Monday after a rally on Wall Street driven by reports that showed inflation abating, assuaging fears over the threat of a recession. Stocks drifted higher Monday as momentum slowed on Wall Street following a powerful rally to start the year. The S&P 500 edged up 0.1%, rising to its highest level since April 2022. The Dow rose less than 0.1%.
Rivian, another electric-vehicle company, jumped 14.3% after it also said its deliveries for the spring topped analysts' expectations. Trading in the U.S. stock market will end at 1 p.m. Eastern time and remain closed Tuesday in observance of Independence Day. "Manufacturing is stuck in the mud and it looks like more rain is coming," said Brian Jacobsen, chief economist at Annex Wealth Management. "The only solace in the ISM report was that inflationary pressures are absent, but that's little comfort when earnings continue to be at risk."
The Fed has already hiked rates by a mammoth 5 percentage points from virtually zero early last year in hopes of getting inflation under control. But it's hinted that it may be nearing the end of the increases, which would mean less added pressure on the economy and financial markets. Much of Wall Street expects it to raise rates on July 26.
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