U.S. Stocks Wobble After Strong Reports on Retail Sales, Jobless Claims
By Liz Moyer
Investing.com — U.S. stocks turned lower on Thursday as investors tried to digest a slug of economic data ahead of the Federal Reserve’s meeting next week.
At 10:34 ET (14:34 GMT), the was down 8 points, or about flat, while the was down 0.4% and the was down 0.6%.
August’s report showed a gain of 0.3%, surpassing forecasts and a strong showing for the consumer despite inflation. Meanwhile, new came in at 213,000 last week, also beating expectations.
A strong labor market, the gain in retail sales, and a hotter-than-hoped-for August inflation report are pointing in the direction of another 0.75 percentage point interest rate increase , which would match the hikes from June and July. Some are even talking about the possibility the Fed hikes rates by a full percentage point in its quest to tame inflation.
A tentative agreement to avert a railroad worker strike is lifting shares of railroads, including Union Pacific Corporation (NYSE:), up 2%, and Norfolk Southern Corporation (NYSE:), up 1.8%.
Oil fell. was down more than 3%, to $85.75 a barrel, while crude was down 3% to $91.17 a share. fell 0.9% to $1693 an ounce.