{"id":54065,"date":"2023-08-28T16:50:31","date_gmt":"2023-08-28T20:50:31","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/us-stocks-advance-crude-rises-crucial-data-in-the-wings\/"},"modified":"2023-08-28T16:50:33","modified_gmt":"2023-08-28T20:50:33","slug":"us-stocks-advance-crude-rises-crucial-data-in-the-wings","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54065","title":{"rendered":"US stocks advance, crude rises, crucial data in the wings"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A man walks past an electric monitor displaying Nikkei share average and the Japanese yen exchange rate against the U.S. dollar outside a brokerage in Tokyo, Japan May 2, 2023. REUTERS\/Issei Kato<\/span>
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By Stephen Culp<\/p>\n

NEW YORK (Reuters) – Wall Street headed higher and crude prices advanced on Monday, at the outset of a week likely to be light in volume but heavy with economic data, which could affect whether the Federal Reserve will take a rate-hike breather in September.<\/p>\n

All three major U.S. indexes were green amid but off session highs amid light trading at the start what is considered the last unofficial week of summer, one jam-packed with closely-watched economic indicators.<\/p>\n

“I wouldn’t trust what happens in the markets this week,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “It’s a week where, historically, there\u2019s not much going on and people are on the sidelines, so any news gets exacerbated. <\/p>\n

“We’re in a news lull until we get back into earnings season and there’s more action and discussion coming from the Fed,” Carlson added.<\/p>\n

In remarks delivered at the central bank conference in Jackson Hole, Wyoming, Fed Chair Jerome Powell had on Friday said inflation was still too high, but noted that economic uncertainty called for “agile” monetary policy making and that the Fed would proceed “carefully”.<\/p>\n

Beijing announced that it would cut its stamp duty on stock trading in half, following its earlier move to support affordable housing on Friday, which fueled hopes that China’s languishing post-COVID economy might shift out of low gear.<\/p>\n

Ahead of the upcoming Labor Day weekend, a barrage of high profile economic data, including the August employment report, PCE inflation, ISM PMI and the Commerce Department’s second take on April-June GDP, all of which could provide insight regarding the Fed’s next policy move.<\/p>\n

At last glance, financial markets have priced in a 80.5% likelihood that the central bank will let interest rates stand at the conclusion of next month’s September meeting.<\/p>\n

The rose 217.19 points, or 0.63%, to 34,460.31, the gained 13.01 points, or 0.30%, to 4,418.72 and the added 58.10 points, or 0.43%, to 13,648.74.<\/p>\n

European stocks enjoyed their best day in a month, advancing 0.9% under the power of China-related tech shares.<\/p>\n

The pan-European index rose 0.89% and MSCI’s gauge of stocks across the globe gained 0.60%.<\/p>\n

Emerging market stocks rose 0.65%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.73% higher, while rose 1.73%.<\/p>\n

Oil prices eased back from earlier gains driven by Beijing’s steps to jumpstart its flagging economy due to worries that additional tightening from the Fed could be in the cards.<\/p>\n

But the threat of a tropical storm off the U.S. Gulf Coast suggested a potential supply disruption.<\/p>\n

rose 0.34% to settle at $80.10 per barrel, while settled at $84.42, down 0.07% on the day.<\/p>\n

U.S. Treasury two-year yields retreated from a near two-month high, as investors struggled to gauge the likelihood of additional rate hikes from the Fed.<\/p>\n

Benchmark 10-year notes last rose 7\/32 in price to yield 4.2138%, from 4.239% late on Friday.<\/p>\n

The 30-year bond last rose 4\/32 in price to yield 4.2879%, from 4.295% late on Friday.<\/p>\n

The greenback touched a nine-month high against the Japanese yen, but was flat against a basket of world currencies after the Fed kept open the possibility of further policy tightening.<\/p>\n

The was flat, with the euro up 0.12% to $1.0806.<\/p>\n

The Japanese yen weakened 0.06% versus the greenback at 146.53 per dollar, while Sterling was last trading at $1.2595, up 0.14% on the day. <\/p>\n

Gold gained ground as investors continue to digest Fed Chairman Jerome Powell’s Jackson Hole commentary last week and looked forward to the week’s economic data.<\/p>\n

added 0.2% to $1,919.09 an ounce. <\/p>\n<\/div>\n

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

\u00a9 Reuters. FILE PHOTO: A man walks past an electric monitor displaying Nikkei share average and the Japanese yen exchange rate against the U.S. dollar outside a brokerage in Tokyo, Japan May 2, 2023. REUTERS\/Issei Kato By Stephen Culp NEW YORK (Reuters) – Wall Street headed higher and crude prices advanced on Monday, at the […]<\/p>\n","protected":false},"author":1,"featured_media":1680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-54065","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nUS stocks advance, crude rises, crucial data in the wings | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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