Stocks ticked higher on Wall Street Monday ahead of a week with updates on where inflation and corporate profits are heading.
The S&P 500 rose 10.58, or 0.2%, to 4,409.53, coming off just its second losing week in the last eight. The Dow Jones Industrial Average climbed 209.52, or 0.6%, to 33,944.40, and the Nasdaq composite added 24.77, or 0.2%, to 13,685.48..
A report on Wednesday will offer the latest update on inflation and economists expect it to show another slowdown. They’re forecasting consumer prices were 3.1% higher in June than a year earlier, down from 4% inflation in May.
Barry Bannister, managing director at Stifel, expects the U.S. economy to slow through the back half of 2023 but then succumb to a recession in early 2024. The resilient job market is propping the economy up now, but its strength may push the Fed to take a harder stance on interest rates.
“Labor is just too hot, making it difficult for the Fed to achieve” its goal for inflation, Bannister wrote in a report.
Kentucky to launch sports betting
Kentucky racing officials have approved a rollout for sports betting, which will take effect when the NFL season begins in September.
The Kentucky Horse Racing Commission approved pari-mutuel wagering to begin Sept. 7 for retail at in-person locations such as tracks, its extension facilities and simulcast venues. Regulations for mobile operations will start on Sept. 28.
The commission’s vote Monday during a special meeting at Red Mile Gaming and Racing in Lexington comes just over three months after the Republican-controlled Senate approved sports betting by a 25-12 vote.
Democratic Gov. Andy Beshear quickly signed the bill into law, which took effect on June 29.
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