US Stock Market Sees Mixed Results Amid Expectations of Weaker Fed Hike
The US stock market saw mixed results on Monday as Dow futures slipped and S&P 500 futures rose. The manufacturing activity in New York State expanded sharply in August, with the Empire State Manufacturing Survey's general business conditions index rising five points to 20.6. This is its highest reading in over four years.
While solid growth in new orders and shipments boosted sentiment, underlying pressure persisted as input costs rose and supply availability continued to worsen. The key retail earnings week began with Home Depot Inc. (NYSE:HD) reporting on Tuesday, followed by Target Corp. (NYSE:TGT) and TJX Companies Inc. (NYSE:TJX) on Wednesday, and Walmart Inc. (NASDAQ:WMT) on Thursday.
Macro-wise, in-line inflation numbers pulled September Fed rate hike expectations down to 30%. Investors are awaiting the July FOMC minutes on Wednesday for further insight into the central bank's decisions. Meanwhile, Micron Technology Inc. (NASDAQ:MU) jumped 3.57% and SanDisk Corp. (NASDAQ:SNDK) rose by 5.72% amid a strong sector-wide rebound driven by insatiable AI infrastructure demand and tightening memory and flash supply constraints.