Business

Wall Street up ahead of inflation report

Gains in retail and communications services companies helped offset losses in consumer goods makers, financial stocks and elsewhere in the market. Amazon.com grew 2.2% and Meta Platforms grew 1.3%.

Walgreens strengthens its alliance The company's stock fell 22.2%, the biggest decline in the S&P 500 index. It reported weaker-than-expected results and cut its outlook. The company said it could close hundreds more stores over the next three years.

Jeans maker Levi Strauss fell 15.4% after its latest quarterly revenue results missed analysts' expectations, as did its current full-year profit forecast.

Spice maker McCormick rose 4.3%, one of the biggest gains in the market after beating analysts' profit forecasts.

Chipmaker Micron Technology fell 7.1% after its latest forecast disappointed investors.

Treasury yields fell in the bond market. The yield on the 10-year Treasury note, which influences interest rates on mortgages and other consumer loans, fell to 4.28% from 4.33% late Wednesday. The yield on the two-year Treasury note fell to 4.71% from 4.75%.

A government update said the American economy has grown at an annual rate of 1.4% from January to March. This figure is a slight revision from a previous estimate of 1.3%. This is the slowest quarterly growth since spring 2022.

The report also confirms data from previous economic reports that show consumers are squeezed by persistent inflation and high interest rates. Consumer spending, which fuels economic growth, grew at a rate of just 1.5%, down from an initial estimate of 2%, according to the report.

The main finding of the report is that “the economy remained resilient in the first quarter, but private sector demand growth slowed, driven by greater consumer caution,” Gregory Daco, EY chief economist, said in a note.

Slowing consumer spending could help further dampen inflation, but slowing too much could have even more painful consequences for the economy. The Federal Reserve is trying to time its efforts to bring inflation back to its 2% target without slowing the economy so far that it slides into a recession.

The stock market has been sluggish this week ahead of Friday's release of the government's next influential inflation report. The personal consumption expenditures index, or PCE, is the Fed's preferred measure of inflation.

Economists expect the report to show a slight slowdown in inflation to 2.6% in May, from 2.7% in April. That's down from PCE's peak of 7.1% in mid-2022. Other measures of inflation, including the consumer price index, have also declined significantly over the past two years.

The latest inflation updates could influence central bank decision on when to start cutting interest rates, which remain at their highest level in more than 20 years and are having an impact around the world. Wall Street is betting the central bank will start cutting interest rates at its September meeting.

The S&P 500 is on track for its fourth straight week of gains. With one more trading day this month, the index is up just under 4% for the month of June and about 15% year to date.

Overall, the S&P 500 rose 4.97 points to 5,482.87 points. The Dow Jones gained 36.26 points to 39,164.06 points. The Nasdaq gained 53.53 points to close at 17,858.68 points.

Sources

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2/ https://www.ajc.com/news/nation-world/stock-market-today-wall-street-barely-budges-ahead-of-inflation-report/HHPQP5BFZJD2XAXOUP37JVEKAI/

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