US rates need to rise soon absent evidence of ongoing drop in inflation, Fed's Collins says
- On Wednesday, U.S. stocks drifted after reports showed inflation sat at 3.7% last month, slightly worse than the 3.6% economists expected, while the economy expanded at a sluggish 1.5% annual pace during spring.
- The Federal Reserve maintains a 2% inflation target, but its preferred inflation measure has remained above 3% since early this year, uncomfortably above the central bank's goal and driving bond market concerns.
- Investors awaited quarterly earnings from Nvidia, the artificial intelligence chipmaker and largest U.S. stock by value, while falling oil prices helped restrain climbing Treasury yields and tempered inflation worries.
- Corporate earnings drove mixed stock movements: Abercrombie & Fitch leaped 26.2% after reporting stronger profits than expected, while Intuit fell 3% despite topping quarterly profit expectations.
- Markets remain sensitive to uncertainty in the Persian Gulf, where tensions over Iran continue to swing oil prices and complicate shipping routes for energy tankers.
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Around 1:55 PM GMT (3:55 PM in Paris), the Nasdaq—which tracks the major players in the technology sector—was up 0.99%, the broader S&P 500 index rose 0.42%, and the Dow Jones edged up 0.09%. "Nvidia once again posted exceptional quarterly results yesterday after the close, giving a boost to semiconductor stocks," summarized analysts at Briefing.com. The world's largest company by market capitalization once again significantly exceeded expectat…
Markets are increasing the Nvidia balance as a positive signal for the chip industry and buying. Jackson Hole, meanwhile, is launching the central banker's meeting, which is important for US monetary policy.
Fed's Collins says latest US inflation readings are 'mixed'
The latest U.S. inflation report was "mixed," with the headline rate stronger than expected but driven higher by a patchwork of forces that on their own shouldn't push the U.S. central bank towards raising interest rates, Boston Federal Reserve President Susan Collins said on Thursday.
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Asian stocks are mixed after Wall Street retreats following economic updates
Asian stocks are mixed after a retreat on Wall Street following the latest round of updates on U.S. inflation and economic growth. But U.S. futures were trading higher early Thursday, after Nvidia’s latest quarterly earnings beat Wall Street’s expectations as…
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