NEW YORK, Sept 9 ― US stock investors are turning their focus to next week’s inflation data, which could determine the near-term path of an equity rally that has wobbled in...
NEW YORK, Sept 9 ― US stock investors are turning their focus to next week’s inflation data, which could determine the near-term path of an equity rally that has wobbled in recent weeks.
Consumer price data next week may need to strike a similar balance, investors said. Too high a number could fan fears of the Fed leaving interest rates higher for longer or hiking them more in coming months. That would give investors less reason to hold onto stocks after a tech-led drop in which the S&P 500 lost about 5 per cent from summer highs.
The US central bank is widely expected to hold benchmark rates steady at its September 20 meeting. Markets are also pricing in a nearly 44 per cent chance of a rate hike at the Fed’s November meeting, up from 28 per cent a month ago. Still, worries over an economic slowdown in China and concerns that US corporate margins will shrink have led some market participants to believe squeezing more gains out of stocks will grow more difficult.
The S&P 500 is down about 5 per cent from its July highs, which has made stock valuations broadly more attractive given the low possibility of an imminent recession, said Jonathan Golub, senior equity strategist at Credit Suisse Securities.
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