U.S Indices closed last week mixed after a volatile trading session. Markets opened higher in the morning before seeing plenty of two-way price action for the rest of the day. Tech led the early gains behind strong earnings reports from Oracle and Peloton. The S&P 500 fell down below the 50-day moving average before bouncing off this level of key support. The U.S. Consumer Price Index, a measure of inflation, rose more than expected in August, but remained well below the Federal Reserve’s 2% target. This is another indication the central bank is in no rush to tighten policy anytime soon. But the lack of any progress in stimulus negotiations continued to weigh on sentiment. Late Thursday, Senate Democrats shot down a Republican $650 billion stimulus proposal. The two sides have until October 2 to pass legislation. At that time, the House goes on recess so that its members can return to their home districts to campaign. Now, attention is turning to this week’s Fed policy meeting. The S&P closed unchanged while the NASDAQ finished the week with a loss of 0.8%. European Central Bank President Christine Lagarde remained optimistic on the region’s economic outlook but said it remains prepared to use all tools at its disposal to support growth. ECB Governing Council member François Villeroy de Galhau said the central bank can do more to support the economy if needed. The European Union gave the U.K. until the end of September to withdraw legislation that could change the Brexit agreement, potentially ending trade talks. Elsewhere, Oil closed 0.43% on little news while Gold and Euro ended the week flat.
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