US stocks traded higher after Federal Reserve Governor Christopher Waller indicated that the central bank could leave interest rates unchanged this mo…
1/5US Markets | US stocks rose in trading as bond yields eased further, even as oil prices marched higher as the US war with Iran escalates. The S&P 500 was up 0.5%. The Dow Jones Industrial Average added 340 points, or 0.6%, as of 10:01 a.m. Eastern time. The Nasdaq composite rose 0.7%. The indexes are coming off their first gain after a three-day slide.
2/5Crude oil | Oil rose as Iran claimed fresh retaliatory strikes and Israel indicated it is prepared to intensify its role in the war, adding to the risks imperilling energy flows from the region. Brent futures touched the highest since late July, before paring some gains to trade above $96 a barrel, after jumping more than 8% over the previous three sessions. West Texas Intermediate was above $92.
3/5US unemployment | More Americans filed for unemployment benefits last week, but layoffs remain rare and jobless claims continue to hover at historically low levels. The Labour Department reported Thursday that filings for benefits ticked up to 206,000 last week from a revised 204,000 the week before. The four-week average of claims, which smooths out week-to-week volatility, rose modestly to 207,250 last week.
4/5US interest rate hike | Federal Reserve governor Christopher Waller said that an inflation report next week will largely determine whether he supports an interest rate hike later this month or not. The government will release August inflation figures Sept. 11, and if that report shows inflation continues to cool, then Waller said he would be willing to keep the Fed’s benchmark interest rate unchanged. “But if inflation comes in hot, I would consider a rate hike,” Waller said. Borrowing costs are only “slightly restricting” consumer and business demand, he added, “and it may not take much acceleration in inflation to nudge me into supporting” a rate hike.
5/5US Jobs Report | The US Non-Farm Payrolls and Unemployment Rate data for August are due at 1:30 PM BST / 8:30 AM ET. In July, US nonfarm payroll employment declined by 23,000, while the unemployment rate stood at 4.1%, down from 4.2% in June.
