U.S. stocks opened higher to start the week as investors awaited an inflation report.
Notably, the S&P 500 was up 1 per cent, the NASDAQ Composite was up 1.2 per cent, and the Dow Jones Industrial Average was up 273 points, or 0.8 per cent, at 10:00 ET (14:00 GMT).
In anticipation of the Federal Reserve meeting, when decision-makers are anticipated to increase their benchmark rate by an additional 0.75 percentage points, stocks have sagged this month.
As fuel prices have decreased from their June peak, relieving pressure on consumer wallets, tomorrow’s inflation report for August may indicate prices remained stable from July. The question is whether the report will be enough to convince the Fed that inflation is headed in the right way.
After activist hedge fund investor Daniel Loeb supported the board’s plans to maintain sports network ESPN, Walt Disney (NYSE: DIS) stock increased 0.8 per cent.
As a result of the Food and Drug Administration approving an oral treatment for adult plaque psoriasis, Bristol-Myers Squibb’s (NYSE: BMY) stock increased by 8 per cent.
Oil grew. WTI crude oil futures increased 1.9 per cent to $88.37 per barrel, while Brent crude futures increased 1.7 per cent to $94.48 per barrel. At $1737 per ounce, gold increased by 0.5 per cent.