Stocks on Wall Street are on the rise, inching closer to record highs as investors eagerly await the release of a key jobs report on Friday. The S&P 500 is up 0.8%, just shy of its all-time high, while the Dow Jones Industrial Average has gained 0.5% and the Nasdaq composite is up 1.2%.
Conagra Brands and Levi Strauss are among the companies driving the market higher, with both reporting better-than-expected quarterly results. Conagra Brands saw a smaller revenue dip than anticipated, while Levi Strauss raised its profit forecast for the year.
However, not all companies are faring as well. Lamb Weston, a supplier of frozen potato products, saw its stock plummet nearly 20% after a transition to a new planning system impacted its ability to fill customer orders. The company also lowered its sales and profit forecast for the year.
The stock market’s gains have helped to offset losses earlier in the week, which were triggered by concerns that the Federal Reserve may not cut interest rates as much as previously expected. The Fed has indicated that it will need to see more evidence of declining inflation before making any moves.
Investors are now eagerly awaiting the release of the monthly jobs report on Friday, which will provide insight into the health of the U.S. job market. Economists are expecting to see a slowdown in hiring compared to the previous month.
Overall, the market remains cautiously optimistic, with analysts closely monitoring economic data and global events for any signs of potential impact on stocks.
