U.S. stocks moved higher in Wednesday morning trading, as investors assessed the latest information on retail sales, inflation, and corporate earnings. Technology stocks and a variety of retailers saw growth, with Apple increasing by 1.6% and Target growing 1.4%.
Treasury yields dropped after it was revealed that consumer spending had decreased more than expected for consecutive months due to inflation fears. The Federal Reserve has adopted a policy to raise interest rates throughout 2022 in an attempt to bring down prices which have affected the values of both stocks and bonds, increasing the chance for recession. Despite this, Associated Press reported that wholesale prices have slowed for a sixth straight month.
Wall Street stakeholders looked at recently released company reports to gain insight into how consumer habits influence profits and revenues. PNC Financial Services Group experienced a 4.8% decrease while United Airlines earned strong financial results with a 0.4% increase in stock prices. Investors continue to monitor economic indicators to predict future market performance.