Carnival fell 2.1%, and Royal Caribbean slipped 1.9%. On the losing side of Wall Street were several cruise operators, which lost momentum following a torrid start to the year. Analysts are forecasting the sharpest drop in earnings per share for S&P 500 companies since the pandemic was crushing the global economy in the spring of 2020.īecause of the low bar set for companies for the spring, they may be able to squeak past without much heroics. Later in the week, companies will begin telling investors how much profit they made during the spring, and expectations are largely dim. High rates have helped pull down inflation, but they’ve also caused cracks in the banking, manufacturing and other industries while also hurting prices for stocks and other investments. The hope on Wall Street is that a continued easing in inflation will convince the Federal Reserve to stop its hikes to interest rates soon. Economists expect to see another slowdown, with prices 3.1% higher in June than a year earlier, down from inflation of 4% in May and just above 9% last summer.
government will offer the latest update on inflation at the consumer level. The week’s main event will arrive later Wednesday, when the U.S. inflation reports,” Stephen Innes of SPI Asset Management said in a commentary. “Although there was some lively action on a handful of stocks, most investors seem to be playing the waiting game ahead of some big U.S. Much of Wall Street's gains for the day came at the end of trading, with about a third of the S&P 500's rise happening in the final 20 minutes.
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