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On Wall Street, the day began with a rise in major indices after the Federal Reserve's Christopher Waller indicated his willingness to support keeping interest rates unchanged during the September meeting, provided there are no surprises in the inflation data. News earlier Friday suggested that the rate would likely remain steady at the next meeting, as the economy created 162,000 jobs outside of agriculture in August, far above the 55,000 previously anticipated by analysts.
Analyst Dane Cekov from Sparebank 1 Markets noted that a significant surprise if the Fed does not raise rates would be expected. The CME FedWatch tool, which tracks market expectations, saw the probability of a stable rate drop from over 50% to 39.8% after the employment data was released. A positive surprise in the employment figures is likely to increase concern about a rate hike, but the outcome will depend on the next week's inflation numbers, according to Morgan Stanley Wealth Management chief economist Ellen Zentner.
The latest update on price growth, August's KPI data, will be released on September 12, before the Fed's next rate decision. U.S. inflation remains well above the two percent target, having risen after the Iran war, driven by energy and fuel price spikes, but has since cooled. Core inflation is well above three percent, while core KPI stood at 2.5 percent in July.
Lululemon's stock soared after reporting poor quarterly results, with comparable store sales dropping 9% in the second quarter, and revenue declining 4% compared to the same period last year. CEO Meghan Frank explained to analysts that the company has faced negative reviews on social media, impacting the results. Additionally, there has been a "greater than expected" decline in several key categories, including tights, which have long been a bestseller for the brand, according to CNBC.
For the year, Lululemon is now expected to achieve revenue between $10.35 and $10.5 billion, a drop of 5 to 7 percent compared to earlier projections.
Written by urgent.news from E24 Norway's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
