Stock market today: Wall Street drifts ahead of updates on inflation, profits
Stocks are drifting on Wall Street ahead of a week with updates on where inflation and corporate profits are heading
NEW YORK — Stocks are drifting on Wall Street Monday ahead of a week with updates on where inflation and corporate profits are heading.
The S&P 500 mostly unchanged in afternoon trading, coming off just its second losing week in the last eight. The Dow Jones Industrial Average was up 133 points, or 0.4%, at 33,867, as of 12:29 p.m. Eastern time, and the Nasdaq composite was 0.3% lower.
FMC, an agricultural sciences company, tumbled 11.2% for the biggest loss in the S&P 500 after it warned of a sudden drop in business across most of the world toward the end of May as partners burned through inventory levels. It said the “unforeseen and unprecedented” declines would hurt its results for the spring and full year.
On the winning side of Wall Street was Helen of Troy, which said profit and revenue fell by less last quarter than analysts expected. The company behind OXO, Hydro Flask and other brands jumped 17.5%. But it also warned of a expectations for a slower economy.
The big question hanging over Wall Street is whether the U.S. economy can avoid a long-predicted recession despite high interest rates meant to pull down inflation. The hope is that inflation is easing enough for the Federal Reserve to soon halt its hikes to rates, which have already caused cracks in the banking industry and other corners of the economy.
A report on Wednesday will offer the latest monthly update on inflation at the consumer level, and economists expect it to show another slowdown. They’re forecasting consumer prices were 3.1% higher in June than a year earlier, down from 4% inflation in May.
The Fed has acknowledged inflation
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