Stock Market Today: Markets Edge Higher in Quiet Session
Stocks managed to eke out gains on light volume Wednesday as traders remained cautious ahead of Federal Reserve Chairman Jerome Powell''s highly anticipated speech later this week. The Fed chief will speak at the central bank''s annual policy symposium in Jackson Hole, Wyo., on Friday morning. And until he does, stocks will likely continue to struggle for direction. SEE MORE Has Inflation Peaked? Here''s What the Experts Are Saying Indeed, fears of a hawkish Fed have sapped traders'' enthusiasm for risk over the past several sessions. Mixed-to-downbeat economic reports have likewise done the recent rally no favors. Most recently, on Wednesday, we learned that U.S. pending home sales fell in July to their lowest level since the start of the pandemic. Paul Gray, CEO of Ironhold Capital, says the data marks a "recession in the housing market." "As interest rates and inflation rise simultaneously, many households choose to save money rather than purchase a house due to high borrowing costs and elevated prices brought by inflation," Gray notes.
Stock Market Today: Markets Edge Higher in Quiet Session
Stocks managed to eke out gains on light volume Wednesday as traders remained cautious ahead of Federal Reserve Chairman Jerome Powell''s highly anticipated speech later this week. The Fed chief will speak at the central bank''s annual policy symposium in Jackson Hole, Wyo., on Friday morning. And until he does, stocks will likely continue to struggle for direction. SEE MORE Has Inflation Peaked? Here''s What the Experts Are Saying Indeed, fears of a hawkish Fed have sapped traders'' enthusiasm for risk over the past several sessions. Mixed-to-downbeat economic reports have likewise done the recent rally no favors. Most recently, on Wednesday, we learned that U.S. pending home sales fell in July to their lowest level since the start of the pandemic. Paul Gray, CEO of Ironhold Capital, says the data marks a "recession in the housing market." "As interest rates and inflation rise simultaneously, many households choose to save money rather than purchase a house due to high borrowing costs and elevated prices brought by inflation," Gray notes.