S&P 500, Nasdaq eke out small gains to hold last week’s momentum ahead of key inflationdata
Stocks seesawed Monday but managed to maintain the momentum from late last week as investors braced for key inflation data. The S&P 500 ended flat, up a mere 0.23 points, at 5,344.39. All day, the broadbased index had alternated between small gains and losses.
The Nasdaq Composite advanced 0.21% to close at 16,780.61. Shares of Nvidia, gained 4% to help the technology-heavy index climb. The Dow Jones Industrial Average pulled back 140 points, or 0.36%, at 39,357.01.
The S&P 500 notched a small gain to close higher on Monday as investors struggled to carry over an uptick in momentum from last week ahead of key inflation data. The broad market index inched up less than 1% to finish at 5,344.39. The Nasdaq Composite gained 0.21% to 16,780.01, while the Dow Jones Industrial Average
Nasdaq closes 2%, Dow adds 400 points as tame inflation data fuels market comeback
Stocks rallied Tuesday, moving closer to last month’s record levels following the first of two key U.S. inflation reports this week. The Dow Jones Industrial Average ended the day up 408 points, or 1.04%, at 39,765.64.
The Nasdaq Composite jumped 2.43% to close at 17,187.61, while the S&P 500 added 1.68% to 5,434.43. The broad market index is now roughly less than 5% from its record high from July. The producer price index a measure of wholesale prices increased 0.1% last month. Economists expected the reading to show a monthly gain of 0.2% in July, in line with the previous month’s reading, according to Dow Jones consensus estimates.
The PPI encouraged investors ahead of the more widely followed consumer price index out Wednesday morning, which is expected to show an increase of 0.2% month over month, up from a 0.1% decline in the prior month. The data could give an uncertain market some direction after last week’s wild moves.
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https://www.cnbc.com/2024/08/11/stock-market-today-live-updates.html
Source:
https://www.cnbc.com/2024/08/12/stock-market-today-live-updates.html
Oil prices settle 1% lower after surprise rise in US crude stockpiles
Oil prices settled 1% lower on Wednesday after U.S. crude inventories rose unexpectedly and as worries eased slightly that a wider Middle East conflict could threaten supplies from one of the world's major regions for crude production. Brent crude futures closed 93 cents lower, or 1.15%, at $79.76 a barrel. U.S. West Texas Intermediate crude futures fell $1.37, or 1.8%, to $76.98 per barrel.
U.S. crude inventories rose by 1.4 million barrels, compared with estimates for a 2.2-million-barrel drop, data from the U.S. Energy Information Administration showed. The build was the first after six straight weeks of draws. Also hindering oil price gains, the International Energy Agency on Tuesday trimmed its 2025 estimate for oil demand growth, citing the impact of a weakened Chinese economy on consumption. That came after OPEC cut expected demand for 2024 for similar reasons.
A recent string of dismal indicators has dulled expectations for July economic performance in China, feeding worries about the world's second-largest economy.
Oilrisesnearly2%onupbeatUS economic data, geopolitical tension
Oil prices gained more than $1 a barrel on Thursday after U.S. economic data allayed fears of recession in the world's biggest economy, although the rally was limited by concerns of slower global demand.
Brent crude futures settled $1.28, or 1.6%, at $81.04 a barrel. U.S. West Texas Intermediate crude futures rose by $1.18, or 1.53%, to $78.16.
Data showed U.S. retail sales rose more than expected in July. Another report showed a smallerthan-expected increase in the number of Americans filing for unemployment benefits.
Data from the Labor Department on Wednesday showed U.S. consumer prices rose moderately in July. This reinforced expectations the Federal Reserve will cut interest rates next month, which could boost economic activity and oil consumption.
Oil prices also drew support from worries about how Iran would respond to the killing of the leader of the Palestinian militant group Hamas last month.
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Vice President Kamala Harris on Friday will unveil a new set of economic proposals that she would prioritize in her first 100 days in office. The policies aim to lower the cost of groceries and prescription drugs, expand affordable housing and cut taxes for the middle class The Democratic presidential nominee will visit the battleground state of North Carolina to deliver her first dedicated policy speech since President Joe Biden withdrew from the race in late July, catapulting her to the top of the ticket.
“These bold actions will address some of the sharpest pain points American families are confronting and bolster their financial security,” the Harris campaign said Friday in a fact sheet on the plans. Harris’ plan would help cash-strapped renters by blocking data firms from hiking lease rates, and by preventing Wall Street investors from buying homes in bulk to resell at a premium.
Restoring the expanded child tax credits that were first introduced during the Covid pandemic is a longstanding goal of the Biden administration, and one that Harris will take up if she is elected president. She will also go one step further and propose expanded tax relief of up to $6,000 for families with a newborn.
Source:
https://www.cnbc.com/2024/08/16/kamala-harris-economic-policy.html