Core PCE rose 4.1% from the year-ago period, lower than the anticipated 4.2%. The gauge showed core PCE gained 0.2% month-over-month, in line with the 0.2% increase expected by economists polled by Dow Jones. On Friday, June data for the personal consumption expenditures price index continued to show easing inflation. This week, investors cheered data showing cooling inflation and stronger-than-expected earnings reports that supported the case the U.S. The S&P advanced 1.01%, and the tech-heavy index is up 2.02%. On Thursday, the Dow ended a 13-day win streak, a length not seen since 1987. The Nasdaq Composite gained 1.90% to 14,316.66.Īll three major averages notched weekly gains with the 30-stock average up by about 0.66%. Stocks rose Friday with the Dow Jones Industrial Average and S&P 500 closing out their third winning weeks in a row as a measure of inflation closely watched by the Federal Reserve came in at its lowest in nearly two years. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower CNN Sans ™ & © 2016 Cable News Network.Best Debt Consolidation Loans for Bad Credit Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Previous expectations had been for 75 basis points. A decline in new jobs has increased expectations that the Federal Reserve will raise rates by 50 basis points at the conclusion of its July FOMC meeting later this month. But there could be good news coming from the Fed when unemployment rates are released later this week.įeinseth expects data to show that the unemployment level is increasing in the US, which could be a signal that recession is imminent. Second quarter earnings will begin in earnest next week and investors are anticipating a slowdown there, too, said Ivan Feinseth, chief investment officer at Tigress Financial Partners. economy falls into recession in the near term,” he wrote. Combined with a surge in 30-year mortgage rates, that “has raised the risk that the U.S. The federal budget deficit is likely to fall from 12.4% of GDP in 2021 to less than 4% of GDP in 2022, he said, which would be the largest single decline since the end of World War II. When short-term Treasury yields trade higher than long-term yields it could mean that markets are pricing in a recession and a cut in rates.Īfter two quarters of record stimulus – enhanced unemployment benefits, enhanced child tax credits and stimulus checks – the economy is facing a fiscal drag, said David Kelly, chief global strategist at JPMorgan Asset Management in his third quarter outlook. The benchmark 10-year Treasury yield and the 2-year yield inverted on Tuesday, which investors consider another bad omen for economic health. Some economists added to investors’ concerns on Tuesday, saying they expect that gross domestic product fell for the second quarter in a row - which many consider a signal of recession. The S&P 500′s energy sector dropped by 4%. Oil fell by 8% and the U.S oil benchmark was trading below $100 which could bring some relief at the pump and ease recent constraint on consumers’ wallets. (JPM) dropped by 1 and 0.4%, respectively. Citigroup fell by about 0.5%, while Bank of America Stocks in sectors connected to economic growth, like banks, also dropped Tuesday. Photo: Silas Stein/dpa (Photo by Silas Stein/picture alliance via Getty Images) Silas Stein/picture alliance/Getty ImagesĮurope hasn't been this cheap for Americans in decades 22 June 2022, Baden-Wuerttemberg, Rottweil: The lettering Euro can be seen on a 1-Euro coin next to a 20-Euro Schin in an office.
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