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Stock Market News Today: Stocks Surge as Investors Shift Focus to CPI Data

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Stocks Rise as Treasury Secretary Yellen Expresses Confidence in US Economy

Positive Indicators Point Towards Economic Stability

  • Treasury Secretary Janet Yellen is optimistic about the stability of the US economy.
  • Recent indicators suggest a controlled slowdown in inflation and positive employment trends.
  • Core inflation levels remain steady, according to a note from Morgan Stanley.
  • No significant rise in layoffs has been observed in the labor market.
  • Morgan Stanley predicts the Federal Reserve will maintain its current stance.
  • The federal funds rate is expected to plateau at around 5.375%.

Stocks Open Higher on Monday Morning

  • The Nasdaq 100, S&P 500, and Dow Jones Industrial Average are all up in early trading.
  • The Nasdaq 100 is up by 0.93%, the S&P 500 by 0.66%, and the Dow Jones by 0.5%.
  • These gains come after positive remarks from Treasury Secretary Yellen.

Key Inflation Reports Expected This Week

  • Traders are anticipating the release of the Consumer Price Index (CPI) and Producer Price Index (PPI) data.
  • The Federal Reserve will consider these reports in its upcoming interest rate decision.
  • Retail Sales data, Consumer Sentiment Index reading, and weekly Initial Jobless Claims will also be released this week.

Upcoming Earnings and Events

  • Oracle will report its Q1FY24 results today after the bell.
  • Adobe will report its Q3FY23 results on September 14.
  • Apple is set to unveil the iPhone 15 at an event on September 12.
  • J.M. Smucker is finalizing an acquisition deal with Hostess Brands.
  • Alibaba Group shares are down following the abrupt exit of Daniel Zhang from its Cloud Business.

European Indices Trading in the Green

  • European markets are anticipating important data releases this week.
  • The European Central Bank is expected to disclose its monetary policy decision on September 14.
  • A 25-basis point hike is largely expected.

Asia-Pacific Markets End Mixed

  • China’s CPI grew 0.1% year-over-year in August, lower than expected.
  • Hong Kong’s Hang Seng index ended lower, while China’s Shanghai Composite and Shenzhen Component indices ended higher.
  • Japan’s Nikkei ended down, while the Topix index closed near the flatline.

Last updated: 9:30AM EST

First published: 4:09AM EST

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Disclosure: This article contains information provided by TipRanks.

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