Higher fuel prices and rate expectations shape a week of market gains

The national average gasoline price reached $4.15 a gallon heading into Labor Day, according to the market analysis. The report said August marked the first month in which the average stayed above $4 every day.

The analysis said markets were pricing in potential Federal Reserve rate increases at upcoming meetings as officials focus on returning inflation to 2%. It also pointed to strong corporate earnings, including Nvidia’s reported quarterly revenue of $96 billion, up 106% from a year earlier.

The S&P 500 recorded 52% year-over-year earnings growth in the quarter, compared with 23% expected at the start of the reporting period, while net profit margins reached a reported record of 17%.

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