US open: Stocks gain after downside June CPI surprise

by | Jul 12, 2023

(Sharecast News) – Wall Street got a boost in the middle of the week from a softer-than-expected reading on the cost of living in the US.

As at 1611 BST, the Dow Jones industrials was up 0.8% to 34,537.64 with the S&P 500 adding 0.97% to 4,482.48.

The Nasdaq Composite meanwhile was ahead by 1.23% to 13,931.56.

In parallel, front-dated gold caught a bid worth 1.26% taking it to $1,961.30/oz. and West Texas Intermediate crude oil futures were ahead by 1.58% to $76.01 a barrel on NYMEX.

According to the U.S. Department of Labor, headline and core consumer prices rose by 0.2% month-on-month in June.

The consensus had been 0.3% for both.

At the core level, the annualised rate of increase slipped to 4.8% (consensus: 5.1%) and in annualised terms core services price ex-rents ebbed over the three months just ended.

For Ian Shepherdson, chief economist at Pantheon Macroeconomics, core CPI was “falling fast, with more to come”.

Smaller 0.1% on the month gains for core CPI in July and August were “decent bets”, he added.

The yield on the benchmark 10-year US Treasury note meanwhile was down by 10 basis points to 3.87%.

On the corporate front, Microsoft was trading 2% stronger after a U.S. judge cleared the path for its takeover of Activision Blizzard.

In other M&A news, Broadcom’s acquisition of VMware got the green light from European Union regulators.

Coty shares were off 2% following a report that Kim Kardashian is considering buying back a minority stake in the beauty line.

Dow Jones – Risers

Goldman Sachs Group Inc. (GS) $329.96 2.83%
Home Depot Inc. (HD) $320.47 2.17%
Microsoft Corp. (MSFT) $339.19 2.02%
Dow Chemical Co. (DOW) $54.42 1.88%
American Express Co. (AXP) $177.49 1.63%
Caterpillar Inc. (CAT) $256.65 1.50%
Salesforce.Com Inc. (CRM) $224.02 1.29%
JP Morgan Chase & Co. (JPM) $149.26 1.25%
Amgen Inc. (AMGN) $226.64 1.24%
Visa Inc. (V) $243.32 1.15%

Dow Jones – Fallers

Cisco Systems Inc. (CSCO) $51.27 -1.64%
Unitedhealth Group Inc. (UNH) $456.94 -1.29%
International Business Machines Corporation (CDI) (IBM) $133.84 -0.45%
Travelers Company Inc. (TRV) $172.03 -0.19%
Johnson & Johnson (JNJ) $158.58 -0.03%
Dowdupont Inc. (DWDP) $0.00 0.00%
Walgreens Boots Alliance, Inc. (WBA) $30.60 0.09%
Merck & Co. Inc. (MRK) $108.83 0.12%
Procter & Gamble Co. (PG) $148.37 0.20%
Verizon Communications Inc. (VZ) $35.08 0.24%

S&P 500 – Risers

Jefferies Financial Group Inc. (JEF) $35.54 5.76%
Zions Bancorporation (ZION) $32.00 5.18%
Comerica Inc. (CMA) $48.43 4.99%
Invesco Ltd. (IVZ) $18.41 4.81%
Keycorp (KEY) $10.40 4.79%
Eastman Chemical Co. (EMN) $87.94 3.75%
Newmont Corporation (NEM) $44.93 3.74%
Freeport-McMoRan Inc (FCX) $41.04 3.36%
Microchip Technology Inc. (MCHP) $91.32 3.31%
Citizens Financial Group, Inc. (CFG) $28.45 3.17%

S&P 500 – Fallers

Centene Corp. (CNC) $65.00 -4.07%
Elevance Health Inc. (ELV) $420.66 -3.28%
CIGNA Corp. (CI) $273.00 -3.10%
Coty Inc. Class A (COTY) $12.77 -1.85%
Humana Inc. (HUM) $429.16 -1.84%
W.W. Grainger Inc. (GWW) $781.11 -1.83%
Cisco Systems Inc. (CSCO) $51.27 -1.64%
Juniper Networks Inc. (JNPR) $30.96 -1.59%
Activision Blizzard Inc. (ATVI) $89.65 -1.47%
Take-Two Interactive Software Inc. (TTWO) $148.53 -1.47%

Nasdaq 100 – Risers

JD.com, Inc. (JD) $37.46 4.00%
Asml Holdings N.V. (ASML) $729.47 3.47%
Trip.com Group Limited (TCOM) $37.08 3.36%
Microchip Technology Inc. (MCHP) $91.32 3.31%
Baidu Inc. (BIDU) $147.87 3.17%
NetEase Inc. Ads (NTES) $101.74 3.13%
Meta Platforms Inc. (META) $307.00 2.92%
Nvidia Corp. (NVDA) $435.60 2.72%
Illumina Inc. (ILMN) $189.56 2.56%
Autodesk Inc. (ADSK) $217.48 2.56%

Nasdaq 100 – Fallers

Cisco Systems Inc. (CSCO) $51.27 -1.64%
Activision Blizzard Inc. (ATVI) $89.65 -1.47%
Take-Two Interactive Software Inc. (TTWO) $148.53 -1.47%
Check Point Software Technologies Ltd. (CHKP) $126.18 -1.28%
Electronic Arts Inc. (EA) $135.76 -1.14%
Western Digital Corp. (WDC) $38.03 -0.85%
Seagate Technology Plc (STX) $60.74 -0.52%
Biomarin Pharmaceutical Inc. (BMRN) $84.90 -0.41%
American Airlines Group (AAL) $18.76 -0.19%
eBay Inc. (EBAY) $46.83 -0.15%

Related articles

US open: Stocks steady as inflation continues to ebb

US open: Stocks steady as inflation continues to ebb

(Sharecast News) - Wall Street was on a firmer footing on the last trading day of the third quarter as a key inflation indicator printed slightly below the consensus forecasts. "The September rut in stock indices paused into quarter end as both Eurozone and the Fed's...

US open: Wall Street inches higher after mixed economic data

US open: Wall Street inches higher after mixed economic data

(Sharecast News) - US stocks were inching higher on Thursday as a mixed set of economic data helped offset ongoing concerns about elevated oil prices, rising bond yields and brinkmanship on Capitol Hill that threatened a government shutdown. As of 1545 BST, the Dow...

Latest Articles

US open: Stocks steady as inflation continues to ebb

US open: Stocks steady as inflation continues to ebb

(Sharecast News) - Wall Street was on a firmer footing on the last trading day of the third quarter as a key inflation indicator printed slightly below the consensus forecasts. "The September rut in stock indices paused into quarter end as both Eurozone and the Fed's...

FTSE 100 movers: Severn Trent, JD Sports rally

FTSE 100 movers: Severn Trent, JD Sports rally

(Sharecast News) - London's FTSE 100 was up 0.5% at 7,642.68 in afternoon trade on Friday. Severn Trent was the standout performer on the index after saying it was seeking to raise £1bn for a transformation plan expected to create 7,000 jobs across the Midlands. JD...

Annual UK property sales fall in August – HMRC

Annual UK property sales fall in August – HMRC

(Sharecast News) - Annual house sales fell sharply in August, provisional government data showed on Friday. According to HM Revenue and Customs, the seasonally-adjusted estimate of UK residential transactions was 87,010 last month. That was a 1% uptick on July 2023...

BofA Merrill Lynch upgrades Marks & Spencer to ‘buy’

BofA Merrill Lynch upgrades Marks & Spencer to ‘buy’

(Sharecast News) - Bank of America Merrill Lynch upgraded Marks & Spencer on Friday to 'buy' from 'neutral' as it argued the stock is still too cheap and consensus earnings too low. The bank said that despite the stock's outperformance year-to-date, it believes that...

Retail sales climb as September heatwave fades – BDO

Retail sales climb as September heatwave fades – BDO

(Sharecast News) - High street sales pushed higher last week, industry research showed on Friday, as delayed autumn spending finally looked to have got underway. According to the latest BDO High Street Sales Tracker, total like-for-like sales rose by 5.51% in the week...

Join our mailing list

Subscribe to our mailing list to receive regular updates!

No Fields Found.
x