U.S. stocks edged higher on Friday, with Wall Street ending a volatile week on a high as investors assessed new U.S. inflation data.The gains were driven by a combination of oversold market conditions, a stronger-than-expected GDP report on Thursday, and expectations that the Federal Reserve might start cutting rates soon due to economic resilience.
Looking ahead to this week, key economic data releases this week include the JOLTS job openings report on Tuesday, the ISM manufacturing index on Thursday, and the employment report on Friday. “We think the July Federal Open Market Committee meeting that concludes Wednesday will signal that the Fed is on track to cut soon and open the door to a cut in September but will stop short of explicitly pre-signaling a rate reduction at that following meeting,” Evercore ISI strategists said in a note.
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