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U.S. Stocks Mixed as Investors Await CPI Data, Fed Minutes

Stock Markets Oct 10, 2022 10:26AM ET
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By Liz Moyer

Investing.com -- U.S. stocks were mixed to start the week as investors looked forward to consumer price data and the minutes of the Federal Reserve’s last meeting.

At 10:21 ET (14:21 GMT), the Dow Jones Industrial Average was up 28 points, or 0.1%, while the S&P 500 was down 0.3% and the NASDAQ Composite was down 0.6%.

In the U.S. the bond market is closed Monday for Columbus Day and Indigenous Peoples' Day, and stock markets in Japan, South Korea and Canada are closed for holidays.

The minutes of the Fed’s September meeting could give some extra glimpse of how policymakers are thinking as they try to tame inflation without setting off a recession, though Fed officials have talked in recent weeks about their determination to get inflation under control.

Wall Street tumbled on Friday after the September report on jobs was stronger than expected, giving the Fed reason to continue its aggressive rate hikes. Markets are predicting a nearly 90% chance of another 0.75 percentage point increase in November, Reuters reported. 

Also today, there will be public appearances by Chicago Fed President Charles Evans and Fed Vice Chair Lael Brainard. Evans said the Fed should be able to cool inflation without a big jump in unemployment. "I think we can bring inflation down relatively quickly while also avoiding a recession," Evans said.

Big banks will start to report their third-quarter earnings later this week as investors worry about the effect of rising rates on company revenue and profit, and in the case of banks, on the quality of their loan books.

JPMorgan Chase & Co (NYSE:JPM) shares rose 0.4% on Monday, while Morgan Stanley (NYSE:MS) rose 0.2% and Citigroup Inc (NYSE:C) shares fell 0.7%.

Oil wobbled. Crude Oil WTI Futures were flat at $92.63 a barrel, while Brent Oil Futures fell 0.2% to $97.77 a barrel. Gold Futures fell 1.7% to $1682.

U.S. Stocks Mixed as Investors Await CPI Data, Fed Minutes
 

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Comments (4)
Amrit Swarup Sarkar
Amrit Swarup Sarkar Oct 10, 2022 11:56AM ET
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stop poking Russia. It's back firing. Energy price will cool off and world economy will be back in track.
The Writer
The Writer Oct 10, 2022 11:09AM ET
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The fed is blinded by macro textbook economics. We have a fuel problem! Thats it! Focus on that !!
Stefan Kunco
Stefan Kunco Oct 10, 2022 10:52AM ET
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They will break everything so that they can say that it is good that they are in power, because others would not be able to do it at all
khizer hayyat
khizer hayyat Oct 10, 2022 10:52AM ET
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yes
khizer hayyat
khizer hayyat Oct 10, 2022 10:52AM ET
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yes
Rashi Cvl
Rashi Cvl Oct 10, 2022 10:33AM ET
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Ha ha
 
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