Crude oil prices pushed higher, adding to inflationary pressures at a time when investors are hoping to see central banks back away from interest rate hikes.
Energy stocks rose along with crude oil prices after Saudi Arabia and Russia said they will extend their voluntary production cut of 1 million barrels of oil a day through the end of the year.
Much of the information fueled hopes that the Fed might moderate interest rate increases to fight inflation, which has been easing for months.
Wall Street expects the Fed to hold its benchmark interest rate steady at its next meeting later in September, just as it did at its previous meeting.
The central bank has raised its main interest rate aggressively since 2022 to the highest level since 2001.
Persons:
” Stephen Innes, Russell, Cintas, Brent, Kroger, Alex Veiga, Damian J, Troise
Organizations:
Japan’s Nikkei, Management, Labor, Dow Jones, Nasdaq, New York Stock Exchange, Merck, Co, JPMorgan Chase, Microsoft, Energy, Chevron, New York Mercantile Exchange, Institute for Supply Management, GameStop, Dave, AP Business
Locations:
Asia, U.S, Seoul, Australia, Shanghai, Saudi Arabia, Russia