Wall Street set for tepid open
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Just a day after the S&P 500 and Nasdaq hit record territory, both indexes climbed to fresh highs once again on Friday, though weakness in American Express (AXP) has weighed on the Dow, leaving markets trading mixed.
Investors have spent much of this year dumping the dollar, but strategists at Citigroup are now calling a temporary time-out on that greenback hating. Having been bearish on the dollar DXY, a Citi team led by Dirk Willer made a tactical argument for switching to neutral in the short-term, in note to clients released Thursday.
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PepsiCo jumped 6.6% after delivering revenue and profit that topped Wall Street’s expectations. The drink and snack giant stood by its financial forecasts given in April, which projected lower full-year profit than previous forecasts due to increased costs from tariffs and a pullback in consumer spending.
Major Wall Street brokerages have withdrawn their expectations for a September interest rate cut by the Bank of England, as inflation remains sticky and the labour market resilient.
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As more people ask chatbots for financial advice, creating the right prompts is the key to getting useful answers.
Asian shares are mostly higher after Wall Street rose to records following better-than-expected updates on the economy and a mixed set of profit reports from big U.S. companies
The Federal Reserve may already have the so-called shadow chairman that President Donald Trump has said he might soon appoint in a move that could be seen as part of a pressure campaign to lower interest rates and reduce government borrowing costs.