Shares opened lower today, the Associated Press reports, as investors waited for updates on inflation and how American consumers are feeling about the economy. The futures for the S&P 500 and the Dow Jones Industrial Average were down 0.1%.
The Conference Board is due to issue an update today on consumer confidence, which has remained solid throughout the year. Economists polled by FactSet said they expect another solid reading for the October report.
On Thursday, Wall Street will be closely watching the government’s October data on the Federal Reserve’s preferred measure of inflation. Economists expect that measure to continue easing, as it has been since the middle of 2022.
The main focus through the end of the year will be on the Fed and what it does next. It has been holding its benchmark interest rate steady at a range of 5.25% to 5.50% since its last quarter-point hike at its July meeting. Investors increasingly expect the Fed to cut rates in mid-2024, easing it off its highest level in two decades.
Early this morning, U.S. benchmark crude was up 18 cents at $75.04 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international pricing standard, gained 23 cents to $80.10 per barrel.
In other trading Tuesday, the U.S. dollar fell to 148.63 Japanese yen from 148.68 yen.
