Wall Street Awaits Key Inflation, Consumer Confidence Updates
Next week on Wall Street will bring two key updates that could influence market sentiment. The Conference Board's consumer confidence report is set to be released on Tuesday, and analysts expect it to show a decline in August following a drop in July.
The US economy has been struggling with stubbornly high inflation, which has weighed heavily on household budgets. The Iran war has contributed to this issue by disrupting global oil supplies, leading to higher gasoline prices and increased shipping costs for various products.
On Wednesday, the government will release its personal consumption expenditures (PCE) report for July, which is the Federal Reserve's preferred measure of inflation. The PCE rate remains above 3%, making it challenging for the Fed to achieve its target rate of 2%.