U.S. stocks rose Monday morning, as investors looked ahead to a week that will deliver important inflation and employment data, following a cautious view from Federal Reserve Chairman Jerome Powell last week.
“More importantly, Powell did not say anything to hinder investor appetite for large cap growth stocks. Consumer discretionary and tech outperformed, large cap outperformed small cap and growth were generally preferred over value,” said von Mehren. “This week’s core PCE figures and the next CPI report in mid-September will be of extra importance in gauging how the Fed may act at its late September meeting,” he said. “Based on the Fed’s continued commitment to curtailing inflation, we believe that the market has been overly optimistic about the end point of restrictive policy rates.”
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