⚠️BREAKING: *U.S. STOCKS END SLIGHTLY HIGHER AFTER WEAKER THAN EXPECTED JULY CPI REPORT; NASDAQ RISES 0.1% $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
- Wall Street's main indexes closed flat on Thursday, giving up most early gains on milder-than-feared inflation data as investors worried about the U.S. economy's longer-term prospects and whether stocks had further room to run.
In the first hour of trading, the three benchmark indexes advanced more than 1% as traders bet the U.S. Federal Reserve would stop further monetary tightening in 2023 and start cutting interest rates early next year. "People looked at the headline number first and we had the big upswing, but as the day went on, the rally faded and that was probably the right reaction," said Gregg Abella, CEO of Investment Partners Asset Management.
San Francisco Fed President Mary Daly voiced that cautious tone, saying that while recent inflation data was moving in the right direction, more progress was needed before she would feel comfortable the central bank had done enough.
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