NEW YORK (AP) — U.S. stocks are hovering near all-time highs after the latest reports of a shockingly weak economy. The S&P 500 rose 0.1% on Friday after hitting a new high the previous day. The Dow Jones Industrial Average fell 136 points, while the Nasdaq Composite Index rose 0.2%. U.S. Treasury yields also remained relatively stable after shoppers reported spending less at U.S. retailers last month than the previous month. Such data could keep interest rates low, something Wall Street likes, but it also raises the risk of a worst-case scenario of slower economic growth and higher levels of inflation. Oil prices were little moved.
This is the latest news. Previous articles from the Associated Press are below.
U.S. futures are mixed as Wall Street looks ahead to the week ahead of new retail sales data.
The S&P 500 rose 0.1% on Friday, while the Dow Jones Industrial Average fell 0.1%. Nasdaq futures rose 0.1%.
The US stock market hit an all-time high on Thursday. About new data it showed Inflation slows in Julyas well as the fall in oil prices.
However, oil prices are recovering heading into the weekend after two UAE tankers collided. attacked While trying to cross the Strait of Hormuz.
New figures for U.S. retail sales will be released before the opening bell on Friday, after shoppers slowed their spending in May and June. Spending rose noticeably in both April and May as Americans poured money into their U.S. tax refunds.
While consumers are showing resilience, they are becoming more cautious about how they spend their money, as so much of their paychecks go toward groceries and gas.
According to Motor Club AAA, the average price of gasoline rose again overnight to $4.08. That’s 92 cents more per gallon than this time last year.
Brent crude, the international standard crude, rose 24 cents to $87.31 a barrel early Friday. Benchmark U.S. crude oil rose about 1% to $81.83.
As fighting continues in the Middle East, energy prices have become highly volatile, making it difficult for businesses and households to budget for gas and transportation. Expectations for the United States trade with iran It has faded, Strait of HormuzNormally, one-fifth of the world’s oil supplies remain bottled in the region, through which they pass each day.
There was some relief this week after new reports showed consumer inflationIn addition to the increased cost of pipeline It slowed down in July before reaching consumers.
If inflation appears to be under control; federal reserve system There is a possibility that interest rate hikes will be postponed. Raising interest rates helps control inflation, but it does so by intentionally slowing down the economy and making it more expensive for everyone. borrow money.
“With the disinflationary ducks starting to line up and oil in retreat, the market is steadily stripping the Fed of any rationale for further rate hikes in the near term,” Stephen Innes of SPI Asset Management said in a commentary.
In stock trading on Friday, Reddit shares rose more than 12% ahead of the bell that the social media platform will join the S&P 500 next week. Applied Materials fell after the computer chip equipment maker’s second-quarter results fell short of investors’ expectations.
Britain’s FTSE 100 index fell 0.1% to 10,761.60. nigel farage In a widely derided special election, he defeated the ridiculous candidate wearing a garbage can, Count Binface, and regained the seat in Congress he had resigned from a month earlier.
In Germany, the DAX rose 0.7% to 26,476.21, while Paris’ CAC 40 fell less than 0.1% to 8,654.97.
Tokyo’s Nikkei 225 index rose 0.6% to 68,713.80, while South Korea’s Kospi rose 2.4% to 6,977.94.
The dollar fell from 159.16 yen to 159.15 yen. The euro fell slightly from $1.1556 to $1.1555.
