By Liz Moyer
Investing.com — US stocks fell Thursday as investors tried to digest a gulp of economic data ahead of next week’s Federal Reserve meeting.
At 10:34 ET (14:34 GMT), the price was down 8 points, or about equal, while the price fell 0.4% and fell 0.6%.
The August report showed a gain of 0.3%, which beat forecasts, and a strong performance for consumers despite inflation. Meanwhile, new arrivals came in at 213,000 last week, which also exceeded expectations.
A strong labor market, rising retail sales and a hotter-than-hoped inflation report in August point to another 0.75 percentage point rate hike, which would match the gains seen in June and July. Some are even talking about the possibility of the Fed raising interest rates by a full percentage point in its efforts to tame inflation.
A tentative agreement to avert a railroad workers’ strike is the elimination of railroad shares, including: Union Pacific Corporation (NYSE:), up 2%, and Norfolk South Corporation (NYSE:), up 1.8%.
Oil fell. fell more than 3% to $85.75 a barrel, while crude fell 3% to $91.17 a share. fell 0.9% to $1,693 an ounce.