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U.S. Stocks Rise as Investors Await August Inflation Reading

U.S. Stocks Rise as Investors Await August Inflation Reading
© Reuters.

 

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By Liz Moyer

Investing.com — U.S. stocks rose to start the week as investors awaited Tuesday’s report on inflation.

At 10:38 ET (14:38 GMT) the Dow Jones Industrial Average rose 286 points, or 0.9%, while the S&P 500 was up 1.1% and the NASDAQ Composite was up 1.2%.

Stocks have wobbled this month as investors look forward to the Federal Reserve’s meeting, when policymakers are expected to raise their benchmark rate by another 0.75 percentage point.

Tomorrow’s inflation report for August could show prices stayed the same from July, as gasoline prices have fallen from their June high, taking pressure off consumer pocketbooks. The question is whether the report will be enough to convince the Fed that inflation is heading in the right direction.

A softer reading may revive hope that the Fed will pare its interest rate increases to a half point. Stocks rallied last week on dip buying after a slump that was triggered by inflation concerns. The consumer price index for August is expected to rise at an 8.1% annual pace compared with 8.5% in July. Taking out energy and food, core CPI is expected to rise 6.1%, compared with 5.9% in July.

Walt Disney (NYSE:DIS) stock rose 0.8% after activist hedge fund manager Daniel Loeb backed the board’s plans to keep sports network ESPN.

Bristol-Myers Squibb (NYSE:BMY) stock rose 5% after the Food and Drug Administration approved its oral treatment for plaque psoriasis in adults.

Oil rose. Crude Oil WTI Futures was up 2%, to $88.64 a barrel, while Brent Oil Futures crude was up 2% to $94.75 a barrel. Gold rose 0.6% to $1738 an ounce.

Source: Investing.com

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