CAPITAL OF THE WORLD, Sept. 9, 2022 (WAM) — Wall Street’s leading index fell on Friday as investors awaited next week’s key inflation data to gauge the pace of rate hikes by the Federal Reserve. It rose, boosted by tech and high-growth stocks. Reuters reported.

US stocks stabilized this week after a sharp sell-off that began in mid-August on concerns about the impact of monetary tightening and slowing economic growth in Europe and China.

Indexes outperform for 3rd straight week despite hawkish remarks by Fed policymakers at their Sept. 20-21 meeting, raising hopes of another big rate hike tends to decline.

Investors will look to next Tuesday’s August inflation report for signs that price pressures may be easing. Prices in August are expected to show he rose at a pace of 8.1% over the year, compared to his 8.5% print in July.

Traders are pricing in an 86% chance of a 75 basis point rate hike at the next meeting, up from 57% a week ago, according to CME Group’s Fedwatch tool.

Federal Reserve Chairman Jerome Powell said Thursday that the central bank is “strongly committed” to curbing inflation, but without the “extremely high social costs” of previous inflation struggles. “There is still hope,” he said.

Several Fed policymakers, including Kansas City Fed President Esther George, who is a voting member of this year’s rate-setting committee, are scheduled to speak later in the day.

All 11 of the S&P’s major sectors rose, led by telecom services, technology and consumer goods.

High-growth stocks such as Tesla, Apple, Alphabet and each rose more than 1%.

Wam/Hatem Mohamed/Tariq Alfaham

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