Stocks turned mixed on Wall Street in afternoon trading, on their way to closing out what has been a mostly miserable August.
A late-afternoon fade left stocks modestly lower as Wall Street closed out its first losing month since February.
On Thursday, the government reported that a measure of inflation closely tracked by the Federal Reserve remained low in July. The latest update for personal consumption and expenditures, or the PCE report, is the latest sign that price increases are cooling. “The last hike they made potentially could be the last for the year,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “As long as inflation remains controlled and contained, I think the Fed is done raising interest rates.”
The Fed is hoping that it can accomplish taming interest rates without sending the economy into a recession. The likelihood of a recession, or at least a severe one, has seemingly been fading and in turn fuelling confidence in the market in 2023, despite the recent August slump. Software company Salesforce rose 3 per cent after raising its profit forecast for the year. Cloud-based security company CrowdStrike jumped 9.3 per cent after reporting strong financial results.
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