The Federal Reserve and its interest rate policy will be the main focus for Wall Street this week. The central bank will close out its two-day meeting on Wednesday, and it could raise its benchmark interest rate in an effort to tame stubbornly high inflation. Wall Street will also get an update Wednesday on U.S. retail sales for August. That could provide more insight into how and where people are spending money amid higher inflation and slower wage growth.
U.S. stocks rebounded and clawed back much of their losses for the week after oil prices eased off their recent spurt. An update on inflation across the United States that came in close to economists’ expectations also helped calm the market Friday. The S&P 500 climbed 0.9% and broke a four-day losing streak. The Dow Jones Industrial Average added 1%, and the Nasdaq composite rose 1%. A drop of nearly 3% for Brent oil's price took some pressure off inflation, while expectations strengthened in the bond market for an upcoming hike to interest rates by the Federal Reserve.
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U.S. stocks sank after oil prices jumped to their highest levels since May. The S&P 500 fell 0.6% Thursday for a fourth straight loss. The Dow Jones Industrial Average dropped 0.6%, and the Nasdaq composite sank 0.7%. Stocks felt pressure as the price for a barrel of Brent crude briefly topped $108 because the war with Iran continues to clog the global flow of crude. Treasury yields leaped in the bond market on increased worries about inflation, and the 10-year yield jumped to 4.95%. That’s up nearly a whole percentage point since the war with Iran began.
Stocks fell on Wall Street as the price of crude oil topped $100 a barrel again. The S&P 500 lost 0.5% Wednesday. The Dow Jones Industrial Average gave up 0.8%, and the Nasdaq composite dropped 0.6%. The price of Brent crude jumped 3.4%, going back above $100 a barrel for the first time since July. The surge in oil prices follows the latest attacks between the U.S. and Iran. The conflict has stifled the flow of oil through the Strait of Hormuz. Treasury yields moved higher. Markets fell in Europe and were mixed in Asia.
President Donald Trump is using memes to portray himself as powerful amid struggles with inflation and international issues. Over Labor Day weekend, Trump and the White House shared memes showing him as a superhero and other fantastical figures. These images contrast sharply with reality, where many Americans find life unaffordable and question the Iran war's worth. Some memes are AI-generated, and the administration often defends them as humorous. However, political strategists warn that memes won't win over voters focused on economic issues. Despite attempts to energize his base, Trump's approval ratings remain low.
U.S. stocks fell in their return to trading from a three-day weekend after the latest fighting in the war with Iran pushed oil prices higher. The S&P 500 sank 0.6% Tuesday. The Dow Jones Industrial Average dropped 1.2%, and the Nasdaq composite slipped 0.3%. They felt pressure after the cost for a barrel of Brent briefly neared $99.50. More expensive oil has worsened worries about inflation and is giving extra heft to a couple of reports on inflation that are coming later this week. They will be the final updates the Federal Reserve hears on inflation before its meeting on interest rates next week.
