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U.S. Stocks Rise as Investors Await Fed Confab

AuthorLiz Moyer
Published 08/25/2022, 09:37 AM
Updated 08/25/2022, 09:43 AM
© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks were trading higher after snapping a three-day losing streak on Wednesday as investors looked to the Federal Reserve’s meeting in Jackson Hole, Wyo., later today.

At 10:52 ET (14:52 GMT) the Dow Jones Industrial Average was up 146 points or 0.4% while the S&P 500 rose 1% and the NASDAQ Composite was up 1.3%.

Fed officials including Chair Jerome Powell are expected to speak this weekend and likely will reaffirm the central bank’s commitment to lowering inflation, though investors will be parsing the words for any hints about the Fed’s next move on interest rates.

Many expect the Fed will raise rates again in September by a half point rather than the 0.75 percentage point increases it made in June and July.

Reuters reported that Kansas City Federal Reserve President Esther George said it was too soon to predict how much the Fed will hike rates because data on inflation and the labor market will come out before the meeting.

Gross domestic product shrank at a 0.6% annual rate in the second quarter, the Commerce Department said, publishing its second estimate. A previous estimate had second quarter GDP falling at a 0.9%. 

Tesla Inc (NASDAQ:TSLA) shares dipped 0.6% after they began trading after splitting 3 for 1 Wednesday evening. 

NVIDIA Corporation (NASDAQ:NVDA), which makes chips that are popular with videogamers, rose 2.6% after it forecast a sharp drop in revenue for the current quarter on declining sales.

Oil fell. Crude Oil WTI Futures were down 0.7% to $94.23 a barrel, and Brent Oil Futures crude fell 0.3% to $100.93 a barrel. Gold Futures rose 0.5% to $1770.

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Latest comments

It's all a load of bull.
Hi
Hi
Hi
And the Boolish aspiring lemmings... ARE WAITING FOR THE ROOSTER TO LAY THE GOLDEN EGG... with the Fed as the sugar daddy.
yea!  Fed hasnt spoken yet, so drive up the price of stocks.  I dont have to pay my school loan back now so I am buying stocks!!  All market corrections result in V shaped recovery!   Yea!  I'm a millenial, stocks always go up!  Yea!   Shrugging off Fed hikes and QT,  that doesn't matter to me,  if I buy stock at $100, someone else will come along and buy at $110.  that's how it works.  Yea!
do sell any courses? or id even pay you 10000 I've saved last three years by not paying student loans since they were paused, I couldn't force them to take my money! but I'll give it all to you for one day face to face mastermind to teach me much more of your wise and savvy trading techniques! pls sir! since I won't have anything left to invest, I just go get more reverse loans. (if Im not expected to pay the first, and largest obligations of my adult life, they can't expect any different going forward. I'd sue for false expectations - similar to alimony, if they even politely mention the word repayment!)
 sure.  show me some evidence you have the $10K and I will gladly step you through the coming problems in Q3 and Q4 which will affect the multiples and earnings of stocks.
In the early 1980s, which was the last time we had hyperinflation like this, the FED set the funds rate at 10% or higher to curtail inflation.  Today, we are seeing 8% - 9% inflation again, but the FED is only doing puny rate hikes so the funds rate is only 2% right now.  Also wacky things are happening like FED forecasts inflation of 9.5% and the actual is 9% so the market cheers even though nothing has actually improved, except the FED's forecast. Kind of a funny smoke and mirrors trick.  At the end of the day, either the FED was wrong in the 1980s, or they are wrong today.  I am going to cut them some slack and say maybe they thought the pandemic was still the same threat it was years ago, so FED wasn't taking hyperinflation as serious as they should be.  In which case, we should see some serious like 2 or 3 percent rate hikes instead of these flimsy quarter of a point which haven't done anything.
and their families
 while we have some technical leadership from teaching sciences in college/uni, China and India both have larger and faster growing technical and medical graduates without giving away taxpayer funds and without having $80K/yr tuition.
 You know it... I don't have any student loans. I busted my *****working thru college both Bachelors and Masters. As a result I probably chose a less popular but more employable major and areas of study than some of my colleagues People play politics all day long... but at the end of the day we are all responsible for our own choices.  Will those with newfound debt forgiveness be all the wiser and make better decisions to avoid incurring new debts they cannot repay? Time will tell, I suppose
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