Stocks are drifting, keeping Wall Street on track to close out its first losing week in the last three.
Despite more than a year of widespread warnings that a recession was near, America’s economy is, if anything, accelerating.Companies are basically done with reporting their earnings results for the spring, but a few on Friday were making some of the largest moves.
Smith & Wesson Brands jumped 18.9% after the gun maker reported stronger results for the three months through July than analysts expected. The summer is usually a lean season for the company, but its sales rose 35% from a year earlier. Kroger was 0.4% higher after swinging between gains and losses following its earnings report. The grocer’s profit for the latest quarter topped analysts’ expectations, but its revenue fell short of expectations.
The upcoming week could be a busier one for markets globally. The centerpiece is likely the latest monthly update on inflation in the United States, due on Wednesday. Economists expect it to show prices at the consumer level were 3.6% higher in August than a year earlier.Inflation has been generally coming down since peaking above 9% last summer, but the worry is the last bit of improvement to get to the Fed’s 2% target may prove the most difficult.
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