LIVE MARKETS-Wall Street indexes rise on Mideast hopes
SPY•Company updates weigh on Marriott and Tyson
Monday's reports left traders less than impressed with shares in hotel operator Marriott International falling more than 6% after it forecast that its third-quarter profit would be below expectations.
Tyson Foods shares fell in early trading but then edged up 0.3% in the regular session after it cut its annual profit forecast.
Data and Fed comments draw limited reaction
On the data side, S&P Global's final manufacturing PMI for July came in at 53.9, up from its prior 53.8 reading. Then, Institute for Supply Management data showed that manufacturing activity increased to the highest level in more than four years in July as strong order growth boosted factory employment, although the Middle East conflict is straining supply chains and keeping input costs elevated.
Meanwhile, Federal Reserve Bank of New York President John Williams said he remained optimistic that inflation pressures are on track to ease gradually, but if they don’t, the U.S. central bank will not hesitate to respond with rate hikes to ensure price pressures return to target.
All this as investors wait for the next batch of high-profile earnings due out in the coming days from companies including SpaceX, Advanced Micro Devices and Walt Disney.
Wall Street indexes rise on Middle East hopes
Wall Street's main indexes are rallying on Monday as oil prices fall on hopes for progress in the Middle East even though messaging from the U.S. and Iran was contradictory. The market showed little reaction to the latest economic data.
After announcing plans for "massive attacks" on Iran, U.S. President Donald Trump canceled them at the last minute, saying that talks would take place that afternoon. However, Iran said on Monday there were no talks under way with the United States and no plans for any meetings.
