The stock market indexes experienced slight gains on Wall Street as investors anticipate a week of reports on the strength of US consumer spending, with hopes that it can sustain the economy and prevent a recession. The S&P 500 rose by 0.6% (25.67 points) to reach 4,489.72, although more stocks fell than rose within the index. The Dow Jones Industrial Average slightly increased by 0.1% (26.23 points) to 35,307.63 in a day of low trading activity. The Nasdaq composite made a larger gain of 1.1% (143.48 points) to close at 13,788.33. Following a robust first seven months of the year, stocks have been relatively lackluster in August. Critics argue that a pullback was overdue, as Wall Street too quickly and confidently believed that inflation would continue to decrease and the economy would avoid a recession.
US Steel experienced one of the market’s notable gains, rising by 38.9%. The company announced during the weekend that it had rejected a buyout offer from Cleveland-Cliffs, and that it had received multiple offers. Cleveland-Cliffs also saw an 8.8% increase after stating that it had made a cash and stock offer of over $7 billion for US Steel, and that it was ready to move forward with the offer immediately. On the losing side of Wall Street, Nikola plummeted by 6.7%. The zero-emission truck company recalled over 200 of its electric vehicles after an investigation indicated that a component in the battery pack could be the cause of a previous fire. The company had previously suggested that foul play may have been involved in the truck fire at its headquarters.
On Tuesday, the US government will release the latest monthly update on retail sales across the country. Economists consider this report one of the most important of the week and predict that it will show an acceleration in growth from 0.2% in June to 0.4% in July. Another significant economic highlight for the week will be the release of the minutes from the Federal Reserve’s last meeting on Wednesday. Several major retailers, including Home Depot, Target, TJX, and Walmart, will also report their profits for the April-to-June period this week, as the spring earnings reporting season comes to a close.
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