The New York stock market opened flat. The U.S. consumer sentiment index weakened somewhat, but the market is pausing as it focuses on expectations for interest rate cuts.
At 10:01 a.m. on the 12th (local time) at the New York Stock Exchange, the Dow Jones Industrial Average stood at 46,031.96, down 76.04 points, or 0.16%, from the previous session. The Standard & Poor's (S&P) 500 rose 0.82 point, or 0.01%, to 6,588.29, and the Nasdaq composite fell 46.54 points, or 0.21%, to 22,089.62.
The preliminary September reading of the University of Michigan U.S. consumer sentiment index, a gauge that tracks Americans' perceptions of economic conditions and their willingness to spend, came in at 55.4, down 2.8 points from the previous month's 58.2. It also missed the market forecast of 58.1. The outcome is seen as reflecting inflation from U.S. President Donald Trump's tariff policy and concerns about an economic slowdown.
However, the market is focusing on the Federal Reserve's potential interest rate cuts. Seema Shah, chief global strategist at Principal Asset Management, said, "Although CPI came in higher than expected, there will be no room for hesitation when the Fed announces a rate cut next week," adding, "if anything, the surge in weekly jobless claims will add even more urgency to the Fed's decision-making."