Stocks edge higher ahead of inflation data, Fed meeting

US stocks edged higher on Monday morning ahead of a busy week for investors, with key inflation data and the Fed’s final policy meeting of the year serving as highlights.

The S&P 500 (^GSPC) edged up 0.2% in morning trading, while the Dow Jones Industrial Average (^ DJI) checked by 0.3%, or nearly 120 points. The technology-intensive Nasdaq composite (^IXIC) rose 0.1%.

All three major indices ended with losses in Friday’s trading session, capping the worst week for stocks since September. The S&P 500 fell 3.4% while the Dow Jones fell 2.8%. The tech-heavy Nasdaq fell 4% that week.

Investors also kept an eye on oil early Monday, with WTI crude oil up 0.8% to trade at $71.94 after crude set a new 2022 low on Friday.

Yields on government bonds also fell slightly, with the yield on the benchmark 10-year US Treasury standing at around 3.523% early Monday, down a few basis points from Friday’s settlement.

Wall Street is bracing for a busy week as consumer price data released on Tuesday should help shed light on the expected path of interest rates over the coming months.

Economists polled by Bloomberg estimate the headline CPI to rise 0.3% for the second month in a row, with the year-over-year CPI rising from 7.7% to 7.3%.

The Fed will make its next interest rate decision on Wednesday after a two-day policy meeting, with investors expecting a 0.5% hike in the Fed’s benchmark rate. Investors will be watching for any hints from the Fed and Chairman Jerome Powell on the path of interest rates going forward.

“We could see these higher interest rates go a bit higher than what the market currently expects,” Thomas H. Lee Partners co-CEO Scott Sperling said. Yahoo Finance Live Friday. “And they could last longer than the market currently expects.”

In company news, Blue Twitter should be relaunched on Monday with an additional nearly 30% for iPhone owners. The service still costs $8 per month, but will be $11 for those who purchase the services through the App Store.

Shares of Horizon Therapeutics Public Limited Company (HZNP) jumped 14% on Monday after Amgen agreed to acquire the company in an all-cash deal valued at $27.8 billion, making it the largest healthcare merger in the world. the year, depending at the Wall Street Journal.

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

Click here for the latest stock market news and in-depth analysis, including events moving stocks

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app to Apple Where android

Follow Yahoo Finance on Twitter, Facebook, instagram, Flipboard, LinkedInand Youtube

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top