Bonds & Stocks
Wall Street trading was fairly quiet, with stocks set to hold at all-time highs as data showed economic resilience before a key inflation report. Bonds were mixed. The dollar fell. Just 24 hours ahead of the release of the Federal Reserve’s favored inflation gauge, data showed the US economy expanded in the second quarter at a slightly faster pace than initially estimated on a pickup in business investment and an outsize boost from trade.
Economy
Applications for US unemployment benefits edged down last week, suggesting employers are holding onto current workers amid economic uncertainty. Initial claims decreased by 5,000 to 229,000 in the week ended Aug. 23. The median forecast in a Bloomberg survey of economists called for 230,000 applications. Continuing claims, a proxy for the number of people receiving benefits, also fell, to 1.95 million in the previous week, according to Labor Department data released Thursday.
World
Russia unleashed a wave of drone and missile strikes on Kyiv, in defiance of US calls for an end to the fighting, as Ukraine and its allies kept up efforts to obtain future security guarantees for the war-torn nation. Ukrainian air defense said Russia fired nearly 600 drones.