Wall St set for muted open in cautious trading ahead of inflation data
-Wall Street's main indexes were poised for a subdued open on Friday as investors awaited a fresh inflation reading next week after recent economic data stoked worries interest rates could remain higher for longer.
Stronger-than-expected services activity data and a fall in weekly jobless claims have dented investor sentiment, dragging theThe Consumer Price Index reading for August is due on Sept. 13, while the Federal Reserve's policy decision is scheduled for Sept. 20. "This month of September so far has taken the path of a negative outlook on rates, meaning that the Fed will probably continue to raise rates to combat the stubborn growth of the economy in the U.S.," said Peter Andersen, founder of Andersen Capital Management Traders see a 93% chance of interest rates staying at current levels in September, while pricing in a 55.4% chance for a pause in rate hikes in the November meeting, according to CME FedWatch Tool. Shares of Apple edged 0.1% lower in premarket trading after a two-day selloff following news that Beijing had ordered central government employees in recent weeks to stop using iPhones at workplaces. Another report on Friday said China was expanding iPhone restrictions to local governments and state-owned companies. Wall Street analysts see a small hit to Apple's revenue this year from the curbs, with Morgan Stanley saying the worst case scenario was a 4% drop.
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