Stocks higher ahead of economic news; Kentucky to launch sports betting
People walk past the New York Stock Exchange on Wednesday, June 29, 2022 in New York. Stocks are opening lower across the board on Wall Street, Tuesday, July 5, and crude oil prices are dropping again. Treasury yields also fell as traders continued to worry about the state of the economy (AP Photo/Julia Nikhinson)
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.
