2/29/2024 0 Comments Drift streets japan tuning![]() oil gained $1.89 to settle at $71.23, though it’s still more than $20 below where it was in September. ![]() In the oil market, crude prices rose to recover some of their sharp losses in recent months. The preliminary report from the University of Michigan also said sentiment among consumers strengthened enough to erase all its declines from the prior four months, mainly because of improved expectations for inflation. The Fed has said it pays attention to such expectations, fearing a rise could lead to a vicious cycle that keeps inflation high. consumers’ expectations for inflation in the coming year dropped to 3.1% from 4.5% a month earlier, the lowest since March 2021. That’s down from nearly 65% a day earlier.Ī separate preliminary report on Friday offered more encouragement. But traders are now betting on less than a 46% chance the Fed will have cut rates by March. The widespread expectation is still for the Fed to hold its main interest rate steady next week, according to data from CME Group. government will give the latest monthly update on how high inflation is for U.S. The Dow added 130.49 to 36,247.87, and the Nasdaq climbed 63.98 to 14,403.97.įriday’s jobs report is one of the last major pieces of data the Fed will get before it announces its next move on interest rates Wednesday. The home furnishings company slumped 14% after reporting weaker results for the latest quarter than analysts expected.Īll told, the S&P 500 rose 18.78 points to 4,604.37. ![]() Other Big Tech stocks were stronger, with Nvidia, Apple and Microsoft all rising.Īlso on the losing end was RH. A day earlier, it had leaped amid excitement about the launch of its latest artificial-intelligence offering. Google’s parent company, Alphabet, slipped 1.4% and was the heaviest weight on the S&P 500.
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