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

Stocks Rise as Treasury Secretary Yellen Expresses Confidence in US Economy

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%.

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.

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.

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 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.

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.