Stocks are mostly higher in Europe and Asia ahead of the release this week of U.S. consumer inflation data. business inflation kprc2 click2hou
FILE - An NYSE sign is seen on the floor at the New York Stock Exchange in New York, Wednesday, Feb. 22, 2023. Wall Street is drifting Tuesday, April 11, with stocks and bonds making only modest moves ahead of reports later in the week with the potential to move markets.
The biggest immediate question for Wall Street has been whether the Federal Reserve will keep hiking interest rates in its attempt to get high inflation under control. It’s already raised rates at a furious pace over the last year, enough to slow some areas of the economy and for strains to appear in the banking system.
Traders in the bond market have been showing nervousness about the Fed possibly going too far on rates and then having to cut them as soon as this summer in order to prop up the economy. But the stock market has remained more resilient, helped by hopes the Fed could thread the needle and raise rates just enough to stifle inflation without causing a severe recession.
Besides the backwards-looking numbers, investors say they’re also hungry to hear what CEOs say about current and upcoming conditions. One fear is that banks in particular could pull back on their lending following all the turmoil in their sector, caused in part by the past year’s swift leap in interest rates.
On the losing end was Moderna, which fell 3.1% after it said its potential flu vaccine needs more study in a late-stage clinical trial.
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