NATIONAL NEWS

Stock market today: Wall Street opens higher after retail, inflation data

Sep 13, 2023, 11:19 PM | Updated: Sep 14, 2023, 6:38 am

NEW YORK (AP) — Stocks are ticking higher on Wall Street with hopes that central banks around the world are close to done with their hikes to interest rates. The S&P 500 was up 0.5% in early trading Thursday. The Dow rose 148 points and the Nasdaq composite added 0.4%. Some of the strongest action was in the bond market, where Treasury yields swung up and then down as traders sifted through a mixed set of U.S. reports showing the economy is still humming, though inflation may be too. Shares of chip designer Arm Holdings are set to begin trading later in the day.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Wall Street is pointing higher Thursday following a modest increase in inflation across the U.S. in August that eased worries over the likelihood of another interest rate hike by the Federal Reserve.

Futures for the S&P 500 edged 0.4% higher before the bell Thursday and futures for the Dow Jones industrials were up 0.3%.

While the inflation data was a touch hotter than estimated, economists and investors don’t expect it to change the Fed’s anticipated track much. The forecast is still for the U.S. central bank to keep interest rates steady at its meeting next week.

The inflation report showed that U.S. consumers paid prices last month that were 3.7% higher than a year earlier, up from July’s inflation rate of 3.2% and slightly more than the forecasts for a 3.6% increase.

That’s discouraging for shoppers paying higher prices, but much of the acceleration was because of higher fuel costs. Underlying inflation trends indicated a continued moderation in price increases, economists said. Inflation has been generally cooling since peaking above 9% last year.

The inflation report was important because it will help steer what the Federal Reserve does next on interest rates. The Fed has already hiked its main rate to the highest level in more than two decades, which hurts prices for stocks and other investments, and the hope on Wall Street is that inflation has cooled enough for it to be done.

Even though economists are willing to ignore fuel costs when looking at inflation to find the underlying trends, households and companies don’t get the same luxury.

Stocks of airlines were some of the biggest losers in the S&P 500 on Wednesday after a couple carriers warned of the hit to profits they’re taking because of higher costs.

Hewlett Packard slid before the bell Thursday after Warren Buffett’s Berkshire Hathaway revealed in an SEC filing that it sold 5.5 million shares of the personal computer and printer company. According to the filing, Berkshire still owns more than 115 million shares in HP, whose shares slid about 2.5% before the bell.

In Europe at midday, Germany’s DAX was down 0.1% while the CAC 40 in Paris and London’s FTSE 100 were mostly unchanged.

In Asian trading, Tokyo’s Nikkei 225 surged 1.4% to 33,168.10. In Seoul, the Kospi jumped 1.5%, to 2,572.89.

Hong Kong’s Hang Seng index rebounded from earlier losses to pick up 0.2%, closing at 18,047.92. However, major Chinese real estate developer Country Garden’s Hong Kong-traded shares sank 4.6% ahead of a deadline for a bond repayment.

The Shanghai Composite index added 0.1% to 3,114.38, while in Australia, the S&P/ASX 200 advanced 0.6% to 7,186.50.

In other trading Thursday, U.S. benchmark crude oil rose again, adding $1.20 to reach $89.172 per barrel in electronic trading on the New York Mercantile Exchange. That’s the highest level since November of last year.

Brent crude, the pricing standard for international trading, was up $1.17 at $93.05 per barrel.

The U.S. dollar slipped to 147.30 Japanese yen from 147.47 yen. The euro inched up to $1.0733 from $1.0732.

On Wednesday, U.S. markets were mixed, with the S&P 500 edging up 0.1% and the Dow Jones Industrial Average losing 0.2%. The Nasdaq composite rose 0.3%.

—-

National News

Wall Street Journal reporter Evan Gershkovich stands in a glass cage in a courtroom in Yekaterinbur...

Associated Press

U.S. reporter Evan Gershkovich appear in court in Russia for hearing on espionage charges

Wall Street Journal reporter Evan Gershkovich appeared in court in Russia on Thursday for the second hearing in his trial on espionage charges, the court said. Gershkovich, his employer and the U.S. government vehemently deny the charges against him. Gershkovich was accused by the Russian Prosecutor General’s office of “gathering secret information” on orders from […]

2 hours ago

FILE - A pedestrian traverses the rotunda inside the New Mexico Capitol, March 16, 2023, in Santa F...

Associated Press

New Mexico governor cites ‘dangerous intersection’ of crime and homelessness, wants lawmakers to act

SANTA FE, N.M. (AP) — Citing what she calls the “dangerous intersection” of crime and homelessness, New Mexico’s governor is calling on lawmakers to address stubbornly high crime rates as they convene Thursday for a special legislative session. In issuing her proclamation, Gov. Michelle Lujan Grisham talked about a vulnerable segment of society that falls […]

3 hours ago

Republican presidential candidate former President Donald Trump arrives on third day of the Republi...

Associated Press

FACT FOCUS: Trump, in Republican convention video, alludes to false claim 2020 election was stolen

DONALD TRUMP, alluding that the 2020 vote was stolen: “Whether you vote early, absentee, by mail or in person, we are going to protect the vote. That’s the most important thing we have to do is protect the vote. Keep your eyes open because these people want to cheat and they do cheat. And frankly, […]

4 hours ago

Supporters cheer as Republican presidential candidate former President Donald Trump arrives for a c...

Associated Press

‘One screen, two movies’: Conflicting conspiracy theories emerge from Trump shooting

WASHINGTON (AP) — A former president is shot, the gunman quickly neutralized, and all of it is caught on camera. But for those who don’t believe their eyes, that’s just the start of the story. For some supporters of former President Donald Trump, the failure of the Secret Service to prevent the attempted assassination point […]

4 hours ago

Associated Press

Hundreds attend vigil for man killed at Trump rally in Pennsylvania before visitation Thursday

SARVER, Pa. (AP) — Hundreds of people who gathered to remember the former fire chief fatally shot at a weekend rally for former President Donald Trump were urged to find “unity” as the area in rural Pennsylvania sought to recover from the assassination attempt. Wednesday’s public event was the first of two organized to memorialize […]

4 hours ago

California delegate T. Tran holds his phone with an image of Republican presidential candidate form...

Associated Press

What to watch as the Republican National Convention enters its fourth day in Milwaukee

MILWAUKEE (AP) — The Republican National Convention culminates Thursday with former President Donald Trump expected to accept the party’s presidential nomination, achieving a comeback four years in the making and anticipated even more in the past week in light of Saturday’s assassination attempt. Trump is expected to accept his third consecutive party nod in prime […]

4 hours ago

Stock market today: Wall Street opens higher after retail, inflation data