{"id":55321,"date":"2023-08-31T11:57:19","date_gmt":"2023-08-31T15:57:19","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/u-s-stocks-are-rising-as-investors-hope-for-a-pause-on-rate-hikes\/"},"modified":"2023-08-31T11:57:21","modified_gmt":"2023-08-31T15:57:21","slug":"u-s-stocks-are-rising-as-investors-hope-for-a-pause-on-rate-hikes","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55321","title":{"rendered":"U.S. stocks are rising as investors hope for a pause on rate hikes"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com — U.S. stocks were gaining on Wednesday despite weaker than expected economic data as investors looked toward Friday’s job report for August.\u00a0\u00a0<\/p>\n

At 11:43 ET (15:43 GMT), the was up 63 points or 0.2% while the was up 0.4% and the was up 0.6%.<\/p>\n

Wall Street\u2019s main indices closed with strong gains Tuesday, the third consecutive winning session, with the blue-chip rising over almost 300 points, or 0.9%, while the broad-based climbed 1.5% and the tech-heavy 1.7%.<\/p>\n

ADP private payrolls confirm loosening labor market<\/strong><\/h2>\n

On Tuesday, data showed employers reported fewer than expected , a sign that there might be some loosening in the tight labor market.\u00a0<\/p>\n

This boosted the hopes of investors that the Federal Reserve will end its rate-hiking cycle as soon as its next meeting in September, as economic growth slows and inflation is reined in.<\/p>\n

The widely-watched official for August is due out on Friday, but ahead of it was the private payrolls report, which showed employers added a fewer than expected 177,000 jobs in August. In July, the ADP report said 312,000 jobs were added.<\/p>\n

Additionally, the second reading of the latest data showed the economy grew at a slower than expected 2.1% pace from the first quarter. Analysts had expected a gain of 2.4% in the second quarter.<\/p>\n

German inflation proving sticky<\/strong>\u00a0<\/h2>\n

The economic news out of Europe, a major trading region for the biggest U.S. companies, was pretty dire Wednesday.<\/p>\n

Inflation rose in four of six key German states in August, casting doubt on a continuation of a national downward trend in the eurozone\u2019s most important economy, and increasing the pressure on the European Central Bank to continue hiking interest rates.<\/p>\n

At the same time, eurozone was weaker than expected in August, continuing a steady decline since the start of the year.<\/p>\n

HP slips on slowing PC demand<\/strong>\u00a0<\/h2>\n

On the earnings front, Jack Daniel’s whiskey owner Brown Forman (NYSE:), as well as tech firms Salesforce (NYSE:) and Crowdstrike (NASDAQ:) are scheduled to report their latest quarterly reports on Wednesday. Brown Forman missed expectations on revenue and earnings.<\/p>\n

Elsewhere, HP (NYSE:) stock slumped 7.9% as the personal computer maker trimmed its annual forecast due to slowing demand.<\/p>\n

Crude gains after massive U.S. inventory draw<\/strong><\/h2>\n

Oil prices rose Wednesday, extending recent gains after industry data pointed to a hefty draw in stockpiles, adding to concerns about a hurricane in the Gulf of Mexico.<\/p>\n

Data from the , released late Tuesday, showed that crude stocks fell by over 11 million barrels last week, suggesting healthy demand ahead of the Labor Day holiday that usually marks peak summer demand.\u00a0<\/p>\n

The official data from the is due later in the session, for confirmation.\u00a0<\/p>\n

Additionally, Hurricane Idalia weakened to a category 1 hurricane, the U.S. National Hurricane Center said on Wednesday, after it slammed into Florida, disrupting production in the Gulf of Mexico.\u00a0<\/p>\n

The offshore Gulf of Mexico accounts for about 15% of U.S. oil output and about 5% of production, according to the Energy Information Administration.<\/p>\n

(Peter Nurse and Oliver Gray contributed to this item.)<\/p>\n

\u00a0<\/p>\n<\/div>\n

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

\u00a9 Reuters. Investing.com — U.S. stocks were gaining on Wednesday despite weaker than expected economic data as investors looked toward Friday’s job report for August.\u00a0\u00a0 At 11:43 ET (15:43 GMT), the was up 63 points or 0.2% while the was up 0.4% and the was up 0.6%. Wall Street\u2019s main indices closed with strong gains […]<\/p>\n","protected":false},"author":1,"featured_media":2740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-55321","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nU.S. stocks are rising as investors hope for a pause on rate hikes | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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