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U.S. stocks are drifting as investors await Fed meeting
Author
Published Jun 08, 2023 10:14
© Reuters.
Investing.com -- U.S. stocks were drifting on Thursday after new labor market data countered worries about interest rate increases.
At 9:53 ET (13:53 GMT), the Dow Jones Industrial Average was up 10 points or flat, while the S&P 500 was flat and the NASDAQ Composite was up 0.1%.
New jobless claims last week were higher than expected, coming in at 261,000 versus the 235,000 forecast, suggesting some easing in the tightness of the labor market.
Interest rate outlook
The data come just as the Federal Reserve is scheduled to meet next week to decide the next rate move. Futures traders expect the central bank to pause on its rate increases and then return to a quarter of a percentage point hike in July. The pause would allow policymakers to assess how well their 10 consecutive rate increases have worked to cool the economy so far.
Also expected when the Fed announces its decision is the next set of dot-plot forecasts by Fed members, including their outlooks on economic output, inflation, and unemployment.
Just as the Fed starts its two-day meeting on Tuesday, the Labor Department is expected to release the latest report on consumer prices. The expectation is that prices cooled in May.
Market movers
Shares of GameStop Corp. (NYSE:GME) fell 20% after the video game retailer, which has been in the middle of an attempted turnaround, announced it had dismissed its CEO and named shareholder Ryan Cohen as executive chairman. The company also posted a bigger-than-expected loss for the recent quarter.
Signet Jewelers Ltd. (NYSE:SIG) shares fell 10% after the retailer lowered profit and revenue guidance because of economic conditions and a softer-than-forecast Mother's Day holiday.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) rose 3.9% after it said Firefly, its artificial intelligence tool, is going to be offered to large business customers.
Oil is falling. Crude Oil WTI Futures is down 0.1% to $72.44 a barrel, while Brent Oil Futures crude is down 0.1% to $76.86 a barrel. Gold Futures was up 1% to $1,982.
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