US Stocks Up Driven By Tech, High-Growth SharesSource: www.export-egypt.com 9/10/2022, Location: Middle East |
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Wall Street's main indexes rose , boosted by technology and high-growth stocks, as investors awaited key inflation data next week to gauge the pace of interest rate hikes by the Federal Reserve, Reuters reported.
US equities have stabilised this week after a sharp selloff that began in mid-August on worries about the impact of tighter monetary policy and a slowdown in Europe and China. The indexes are on track to snap their three-week losing streak, despite hawkish remarks from Fed policymakers that boosted expectations of another outsized rate hike at the central bank's Sept. 20-21 meeting. Investors will watch for the August inflation report due next Tuesday for any signs that price pressures may be easing. It is expected to show that prices rose at an 8.1% pace over the year in August, compared with an 8.5% print for July. Traders are pricing in an 86% chance of a 75 basis point rate hike at the next meeting, up from 57% a week earlier, according to CME Group's Fedwatch tool. Fed Chair Jerome Powell said on Thursday that the U.S. central bank is "strongly committed" to controlling inflation but there remains hope it can be done without the "very high social costs" involved in prior inflation fights. Several Fed policymakers including Fed Kansas City President Esther George, a voting member of the rate-setting committee this year, are scheduled to speak later in the day. All 11 major S&P sectors traded higher, with communication services, technology and consumer discretionary leading the way. High-growth stocks such as Tesla, Apple Inc , Alphabet Inc and Amazon.com Inc gained more than 1% each. |
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