NEW YORK: Wall Street stocks opened higher on Monday as investors tried to shrug off weak August trading performance ahead of a closely watched Federal Reserve event.
After notching gains through the first seven months of 2023, stocks have been in retreat in August amid surging Treasury bond yields that have underscored worries that interest rates could go higher or linger at elevated levels.
Fed Chair Jerome Powell will update the market at the central bank’s annual Jackson Hole, Wyoming, symposium later this week. This could spell out expectations on the outlook for inflation.
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About 10 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 34,528.91.
The broad-based S&P 500 added 0.5 percent at 4,389.47, while the tech-rich Nasdaq Composite Index advanced 0.8 percent to 13,398.76.
Among individual companies, Palo Alto Networks jumped 16 percent after reporting better-than-expected profits as it cited strong demand for its cybersecurity offerings.
This week’s calendar also includes earnings from chip company Nvidia and retailers such as Gap and Nordstrom.
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