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U.S. stocks are mixed as investors prepare for Fed meeting, inflation numbers

Published 06/07/2023, 09:55 AM
Updated 06/07/2023, 11:15 AM
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Investing.com -- U.S. stocks were mixed as investors looked forward to the Federal Reserve’s next meeting and new information on inflation.

At 11:13 ET (15:13 GMT), the Dow Jones Industrial Average was up 27 points or 0.1%, while the S&P 500 was down 0.1% and the NASDAQ Composite was down 0.5%.

Earnings season is winding down as investors prepare for the Fed’s rate decision next week. In economic data, the trade deficit rose in April but not by as much as expected.

Treasury Secretary Janet Yellen told CNBC she wouldn’t be surprised to see more bank mergers. The Fed is expected to release the results of its latest stress test on the 23 biggest banks, and at the same time there are expectations that regulators will tighten capital standards for banks.

“There is motivation to see some consolidation and it wouldn’t surprise me to see some of that going forward,” Yellen told CNBC.

The Fed will meet next week, and futures traders expect it will pause on more interest rate increases while it studies how well its 10 consecutive increases since last year have worked to cool inflation.

Before its decision, the consumer price index for May will be released on Tuesday.

In corporate earnings, Stitch Fix (NASDAQ:SFIX) stock rose 28% after the online personal styling company reported better-than-expected third quarter results. Campbell Soup Company (NYSE:CPB), meanwhile, beat quarterly profit estimates after price hikes and maintained its annual forecast, but shares fell 5%.

Dave & Buster’s Entertainment (NASDAQ:PLAY) shares rose 24% after the arcade and restaurant chain beat expectations and said it planned to open 20 locations in India and Australia.

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