Dow jumps 261 points as investors brace for latest inflation data
- The Dow jumped over 260 points Monday, while the Nasdaq Composite declined slightly.
- Investors were getting ready for consumer price
inflationdata due Tuesday.
- The inflation reading will arrive before next week's
This week's economic calendar will include consumer price index inflation data for August on Tuesday. CPI is expected to come in at 5.3%, according to economists polled by Bloomberg.
"Investors don't want to have massive positions before the inflation data as the risks are to the upside as COVID inflation continues to hamper supply chains. If inflation comes in hotter-than-expected, taper expectations could shift from December to November," wrote Ed Moya, senior market analyst at Oanda, in a note.
Here's where US indexes stood at 4:00 p.m. on Monday:
- S&P 500: 4,468.73, up 0.23%
- Dow Jones Industrial Average: 34,869.63, up 0.76% (261.91 points)
- Nasdaq Composite: 15,105.58, down 0.07%
The Fed's two-day meeting will begin on September 21 and policy makers will release a summary of economic projections, or the dot-plot chart of interest-rate expectations.
Litecoin surged and then sharply fell after a fake press release said that Walmart is partnering with the coin for payments.Mohamed El-Erian said supply chain disruptions around the world are set to continue for a few years, and warned high prices across economies could bring a return to a 1970s-style stagflationary environment.
Gold rose 0.2% to $1,792.71 per ounce. The yield on the US 10-year Treasury note slipped to 1.32%.
Bitcoin lost 3% to $44,733.16.
- Ready to introduce same-day settlement of trades by March 2024: Sebi chief
- Grok AI chatbot to reach all English-language users in about a week: Musk
- What are the two climate declarations India has been hesitant to sign at COP28?
- This 400-million-year-old fossil is the oldest disease-causing fungus we've ever seen!
- 10 Best places to visit in India for New Year 2024