NEW YORK — Wall Street is holding relatively steady after the latest update on inflation came in almost exactly as economists expected. The S&P 500 was up 0.1% in early trading Wednesday, coming off one of its best days of the year. The Dow Jones Industrial Average was up 39 points, or 0.1%, and the Nasdaq composite rose 0.2%. The government said consumer prices were 2.9% higher than a year earlier. The data should keep the Federal Reserve on track to cut its main interest rate in September.
On Thursday, the government will release its latest data on retail sales, which are expected to show that consumers increased their spending modestly in July. As long as shoppers are willing to spend, businesses are likely to hold onto their workers and may even add staff. Mars Inc., whose brands include M&M’s, Snickers and Skittles, said it will pay $83.50 per share in cash. The company put the total value of the transaction at $35.9 billion. Kellanova was created when the Kellogg Co. split into three companies in the summer of 2022.
Japan’s governing Liberal Democratic Party controls a majority in the lower house of parliament, which picks the nation’s leader. Prime Minister Fumio Kishida’s public support ratings have sagged over a scandal involving shady political fund raising as well as other issues.
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