Stocks edged higher on Monday on Wall Street as investors awaited updates on inflation and corporate profits. The S&P 500 rose 0.2% to 4,409.53, recovering from its second losing week in the past eight. The Dow Jones Industrial Average gained 0.6% to 33,944.40, and the Nasdaq composite added 0.2% to 13,685.48.
FMC, a company that sells agricultural products like herbicides and insecticides, experienced the biggest loss in the S&P 500, falling 11.1%. The company warned of a sudden decline in business worldwide towards the end of May as partners depleted their inventory levels. This unforeseen decline will negatively impact the company’s financial results for the spring and full year. On the positive side, Helen of Troy, the company behind popular brands like OXO and Hydro Flask, reported lower than expected profit and revenue decline for the last quarter, causing its stock to rise by 18.5%. However, it also cautioned about expectations for a slower economy.
The main concern on Wall Street is whether the US economy can avoid a predicted recession despite high interest rates aimed at controlling inflation. The hope is that inflation is easing enough for the Federal Reserve to pause its rate hikes, which have already caused disruptions in the banking industry and other sectors of the economy. A report on Wednesday will provide the latest monthly update on consumer-level inflation, with economists forecasting a slowdown. They expect consumer prices to be 3.1% higher in June compared to a year ago, down from 4% inflation in May. (Read more stock market stories.)
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