Wall Street’s hope has been that slowing inflation could get the Fed to take it easier on rates, while a small cadre of stocks soared to incredible heights amid a frenzy around artificial-intellige…
Another drop for stocks on Friday helped drag Wall Street to its first losing week in the last six.
Europe’s economy appears to be weaker than expected, according to a preliminary report measuring manufacturing and services businesses. That added to the week’s hesitance in markets, caused by a crank higher in interest rates by central banks around the world as they try to get high inflation under control. High rates drive down inflation by slowing the economy, which raises the risk of a recession.
Much of the exuberance was because the U.S. economy had managed to avoid a recession, even though the Fed hiked rates at a breakneck pace since early 2022. The job market in particular has remained remarkably solid. “Early in the hiking cycle, the focus was on avoiding a recession,” he said. “However, with persistently high inflation, the focus has shifted from erring on the side of doing too little to doing too much.”
A slower economy could mean pressure on demand for energy, and the price for a barrel of benchmark U.S. oil fell 35 cents to $69.16 after paring earlier, sharper losses. Brent crude, the international standard, dipped 29 cents to $73.85 per barrel. On the winning side of the stock market Friday was CarMax. It jumped 10.1% after reporting much stronger profit for the latest quarter than analyst expected.
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