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Market Update: Wall Street Pares Gains
US stocks lost some momentum and finished Wednesday’s session tepidly higher, as investors looked quite reluctant to open new positions ahead of Fridays highly anticipated April personal consumption expenditure data for a read on inflation. While the Fed sees higher inflation as temporary and due to supply and demand imbalances, there were some changes in the tone of the US central bank statements. Richard Clarida, the Fed’s vice-chair, has recently noted that the central bank should be ready to begin discussing tapering in upcoming meetings, in line with FOMC minutes released earlier this month. Meanwhile, Ford shares were up more than 8% after the automaker announced it is boosting spending on electric vehicles to $30 billion. Nvidia, Workday, Williams-Sonoma and American Eagle Outfitters are due to report earnings after the close. [/s2If]
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