Dow futures are up more than 200 points today, indicating Wall Street will continue its gains from yesterday.
At 6:55 p.m. Thai time, the Dow Jones Industrial Average gained 229 points, or 0.72%, to 32,090 points.
The Dow Jones Industrial Average closed up nearly 200 points yesterday, supported by strong buying in banking stocks. which will benefit from the Federal Reserve’s (Fed) interest rate hike.
Wall Street shares fell in early trading yesterday. While investors are worried regarding the Fed’s accelerating interest rate hikes.
Fed Chairman Jerome Powell said the Fed was committed. “Very strong” in controlling inflation. The Fed will continue until the mission is accomplished. and the cessation of interest rate hikes or cut interest rates It won’t happen anytime soon.
The lower-than-expected unemployment rate in the US has also raised concerns regarding the Fed’s rate hikes. The Labor Department said initial claims for unemployment benefits fell 6,000 to 222,000 last week. That was the lowest level in three months and below the 240,000 analysts had expected.
Markets are keeping an eye on the Consumer Price Index (CPI) for August, which will be released on Sept. 13. Fed meeting Sept. 20-21
The latest CME Group’s FedWatch Tool indicates that investors are weighing as much as 86% that the Fed will raise interest rates 0.75% to 3.00-3.25% at its Sept. 20-21 meeting, weighing only 14%. The Fed will raise interest rates by 0.50%