{"id":45940,"date":"2023-08-08T12:21:22","date_gmt":"2023-08-08T16:21:22","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/wall-st-closes-up-regains-ground-as-us-inflation-report-nears\/"},"modified":"2023-08-08T12:21:24","modified_gmt":"2023-08-08T16:21:24","slug":"wall-st-closes-up-regains-ground-as-us-inflation-report-nears","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45940","title":{"rendered":"Wall St closes up, regains ground as US inflation report nears"},"content":{"rendered":"
\n
\n

\u00a9 Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan McDermid\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By David French<\/p>\n

(Reuters) – U.S. stocks finished higher on Monday, regaining some of the ground lost last week, as investors added positions ahead of Thursday’s highly awaited U.S. inflation report.<\/p>\n

The main stock indexes ended last week lower as investors took profits after months of gains due to worries over economic data, mixed earnings and rising Treasury yields.<\/p>\n

U.S. stocks have sharply rallied in 2023, with the benchmark rising 17.7% this year, fueled by optimism around artificial intelligence and hopes of a soft landing for the world’s largest economy.<\/p>\n

“I think you’ve got enough people that might be looking to put some money to work, because they’ve really missed a lot of this rally, so that will limit any downside (from bouts of profit-taking),” said Jack Janasiewicz, lead portfolio strategist at Natixis Investment Managers.<\/p>\n

He noted to expect some sideways trading in the near term, as profit-taking by investors who rode the rally balances out with those entering on any weakness.<\/p>\n

While August trading is seasonally slower with summer vacations, set events and data releases can still offer investors new food for thought.<\/p>\n

On Thursday, the latest U.S. consumer price report is expected to offer clues about the Federal Reserve’s monetary policy path, after Friday’s employment report re-ignited fears that the central bank could keep rates higher for longer.<\/p>\n

New York Fed President John Williams, a voting member this year, said he expects interest rates could begin to slide in early 2024, as per a report, while Governor Michelle Bowman said additional interest rate hikes will likely be needed to lower inflation to the 2% target.<\/p>\n

The rose 407.51 points, or 1.16%, to 35,473.13 – its largest one-day gain since June 15.<\/p>\n

Meanwhile, the S&P 500 gained 40.41 points, or 0.90%, at 4,518.44, and the added 85.16 points, or 0.61%, at 13,994.40.<\/p>\n

The tech-heavy Nasdaq snapped a four-session losing streak, matching its longest negative run this year. It overcame weakness in Tesla (NASDAQ:), which dropped 0.9% after the electric vehicle giant named Vaibhav Taneja to replace Zachary Kirkhorn as its finance chief.<\/p>\n

The Nasdaq also finished lower for four straight days at the start of May. Before that, the longest losing streak was a six-session drop in October.<\/p>\n

The S&P 500 also snapped a four-session losing run. It has had two other such stretches in 2023: at the start of May and in February. It had a five-session skid in December.<\/p>\n

Most of the S&P’s major indexes rose, led by gains of 1.9% in communication services and 1.4% in financials.<\/p>\n

Overall, second-quarter earnings have been better than expected so far, with 79.1% of the 422 S&P 500 companies that have reported as of Friday beating analysts’ estimates, Refinitiv data shows.<\/p>\n

Berkshire Hathaway (NYSE:) rose 3.4% to a record high, after the conglomerate run by billionaire investor Warren Buffett reported at the weekend that quarterly operating profit topped $10 billion for the first time.<\/p>\n

However, Tyson Foods <\/span><\/span> (NYSE:) slid 3.8% after the meat packer disappointed Wall Street expectations for third-quarter revenue.<\/p>\n

Vaccine makers BioNTech SE (NASDAQ:) and Moderna <\/span><\/span> (NASDAQ:) Inc slumped 7.5% and 6.5%, respectively. The former said it was cutting its drug development budget after quarterly revenue was hurt by a plunge in pandemic-related demand. The latter was hit by investment bank Leerink cutting its price target for the company.<\/p>\n

Sage Therapeutics suffered its biggest one-day decline since December 2019, dropping 53.6%, after the U.S. drug regulator declined to approve a first-of-its-kind postpartum depression (PPD (NASDAQ:)) pill. Its partner on the drug, Biogen (NASDAQ:), recovered to trade 0.9% higher.<\/p>\n

Volume on U.S. exchanges was 9.92 billion shares, compared with the 10.86 billion average for the full session over the last 20 trading days.<\/p>\n

The S&P 500 posted 19 new 52-week highs and eight new lows; the Nasdaq Composite recorded 71 new highs and 169 new lows. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan McDermid\/File Photo By David French (Reuters) – U.S. stocks finished higher on Monday, regaining some of the ground lost last week, as investors added positions ahead of Thursday’s highly […]<\/p>\n","protected":false},"author":1,"featured_media":800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-45940","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nWall St closes up, regains ground as US inflation report nears | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=45940\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wall St closes up, regains ground as US inflation report nears | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=45940\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-08T16:21:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-08T16:21:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/SP500StandardandPoors500Index_800x533_L_1657544297.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=45940#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=45940\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Wall St closes up, regains ground as US inflation report nears\",\"datePublished\":\"2023-08-08T16:21:22+00:00\",\"dateModified\":\"2023-08-08T16:21:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=45940\"},\"wordCount\":666,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=45940#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=45940\",\"url\":\"https:\/\/ifintechworld.com\/?p=45940\",\"name\":\"Wall St closes up, regains ground as US inflation report nears | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-08-08T16:21:22+00:00\",\"dateModified\":\"2023-08-08T16:21:24+00:00\",\"description\":\"\u00a9 Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=45940#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=45940\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=45940#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Wall St closes up, regains ground as US inflation report nears\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Wall St closes up, regains ground as US inflation report nears | iFintechWorld","description":"\u00a9 Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=45940","og_locale":"en_US","og_type":"article","og_title":"Wall St closes up, regains ground as US inflation report nears | iFintechWorld","og_description":"\u00a9 Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan","og_url":"https:\/\/ifintechworld.com\/?p=45940","og_site_name":"iFintechWorld","article_published_time":"2023-08-08T16:21:22+00:00","article_modified_time":"2023-08-08T16:21:24+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/SP500StandardandPoors500Index_800x533_L_1657544297.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=45940#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=45940"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Wall St closes up, regains ground as US inflation report nears","datePublished":"2023-08-08T16:21:22+00:00","dateModified":"2023-08-08T16:21:24+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=45940"},"wordCount":666,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=45940#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=45940","url":"https:\/\/ifintechworld.com\/?p=45940","name":"Wall St closes up, regains ground as US inflation report nears | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-08-08T16:21:22+00:00","dateModified":"2023-08-08T16:21:24+00:00","description":"\u00a9 Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=45940#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=45940"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=45940#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Wall St closes up, regains ground as US inflation report nears"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/45940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45940"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/45940\/revisions"}],"predecessor-version":[{"id":45941,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/45940\/revisions\/45941"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/800"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}