Wall Street gets back to climbing, and the Nasdaq tops 20,000
NEW YORK — U.S. stock indexes got back to climbing on Wednesday after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve.
Traders are betting on a nearly 99% probability of that, according to data from CME Group, up from 89% a day before. If they’re correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target.
Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times this year, with the latest coming last week. Stitch Fix soared 44.3% after the company that sends clothes to your door reported a smaller loss for the latest quarter than analysts expected. It also gave financial forecasts for the current quarter that were better than expected, including for revenue.
Albertsons fell 1.5% after filing a lawsuit against Kroger, saying it didn’t do enough for their proposed $24.6 billion merger agreement to win regulatory clearance. Albertsons said it’s seeking billions of dollars in damages from Kroger, whose stock rose 1%. Macy’s slipped 0.8% after cutting some of its financial forecasts for the full year of 2024, including for how much profit it expects to make off each $1 of revenue.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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