NEW YORK — U.S. stocks are holding steady following some mixed data on the economy, but they’re still on track for their worst week since April. The S&P 500 was 0.1% higher in early trading Thursday. The Dow Jones Industrial Average slipped 39 points, or 0.1%, and the Nasdaq composite was up 0.3%. Treasury yields were falling in the bond market following the mixed reports on the job market. One suggested U.S.
Verizon shares ticked up 1.2% after the telecom giant announced that it's buying Frontier Communications in a $20 billion deal to strengthen its fiber network. Verizon said the acquisition will help it strengthen its infrastructure as companies the boom in artificial intelligence and the Internet of Things continue to gobble up bandwidth.
Traders are forecasting the Fed will cut its benchmark rate by 1% by the end of 2024. Such a move would require it to cut the rate by more than the traditional quarter of a percentage point at one of its meetings in the next few months. Elsewhere, in Europe at midday, France’s CAC 40 tumbled 0.7%, while German’s DAX rose 0.2%. Britain’s FTSE 100 was effectively flat.Data released Thursday showed Japan's wage growth remains strong, as average cash earnings in July grew 3.6% year-on-year, beating market expectations, while real earnings unexpectedly increased by 0.4% in July, increasing the likelihood of another rate hike.
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