US open: Stocks run up at the end of the week

by | Jul 28, 2023

(Sharecast News) – US stocks ran up at the end of the week on the back of mostly better-than-expected data, including key readings for inflation.
At 1609 BST, the Dow Jones Industrials was up by 0.59% to 35,491.67, alongside a 0.95% gain for the S&P 500 to 4,580.58.

The Nasdaq Composite meanwhile was 1.72% higher to 14,292.91.

In parallel, the yield on the benchmark 10-year US Treasury note was off by five basis points to 3.96%.

According to the U.S. Department of Labor, in seasonally adjusted terms, personal incomes grew by 0.3% month-on-month (consensus: 0.5%).

Personal consumption expenditures meanwhile jumped by 0.5% on the month (consensus: 0.4%).

More significantly, on the inflation front, the headline PCE price deflator fell back from 3.8% year-on-year in May to 3.0% (consensus: 3.1%).

At the core level it retreated from 4.6% to 4.1% (consensus: 4.2%).

In parallel, Labor reported that the Employment Cost Index rose by 1.0% quarter-on-quarter over the three months to June, down from 1.2% over the three months to March.

“Wages rose 1.0%, the smallest increase since Q2 2021, but the y/y rate is still elevated, at 4.6%, and even the q/q annualized rate, 4.1%, is above the 3-1/2%-ish pace usually considered consistent with the inflation target,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

“But the numbers are headed in the right direction; y/y ECI wage growth peaked at 5.7% in the second quarter of last year, so the progress is clear.”

Dow Jones – Risers

Intel Corp. (INTC) $36.22 4.83%
Procter & Gamble Co. (PG) $157.06 3.25%
Boeing Co. (BA) $239.71 2.55%
Microsoft Corp. (MSFT) $336.45 1.73%
American Express Co. (AXP) $166.32 1.66%
Verizon Communications Inc. (VZ) $34.07 1.55%
Dow Chemical Co. (DOW) $55.75 1.47%
Apple Inc. (AAPL) $195.76 1.31%
Caterpillar Inc. (CAT) $261.00 1.05%
Walmart Inc. (WMT) $160.64 0.93%

Dow Jones – Fallers

Cisco Systems Inc. (CSCO) $51.92 -2.05%
Walgreens Boots Alliance, Inc. (WBA) $30.12 -1.67%
Chevron Corp. (CVX) $158.66 -0.63%
Unitedhealth Group Inc. (UNH) $502.28 -0.58%
Salesforce.Com Inc. (CRM) $224.66 -0.22%
Goldman Sachs Group Inc. (GS) $353.95 -0.16%
Dowdupont Inc. (DWDP) $0.00 0.00%
Travelers Company Inc. (TRV) $175.46 0.34%
Coca-Cola Co. (KO) $62.67 0.36%
Merck & Co. Inc. (MRK) $105.75 0.45%

S&P 500 – Risers

T. Rowe Price Group Inc. (TROW) $129.23 10.35%
Dish Network Corp. (DISH) $7.58 8.60%
Cincinnati Financial Corp. (CINF) $111.03 8.19%
Digital Realty Trust (DLR) $122.80 6.64%
CenturyLink Inc. (LUMN) $1.82 6.14%
KLA-Tencor Corp. (KLAC) $508.00 5.32%
Intel Corp. (INTC) $36.22 4.83%
Mondelez International Inc. (MDLZ) $75.81 4.77%
TripAdvisor Inc. (TRIP) $18.22 4.62%
Nektar Therapeutics (NKTR) $0.53 4.51%

S&P 500 – Fallers

Mohawk Inds Inc. (MHK) $107.03 -6.94%
Juniper Networks Inc. (JNPR) $27.82 -6.32%
Arista Networks Inc. (ANET) $151.82 -5.70%
Centene Corp. (CNC) $66.41 -5.06%
Hartford Financial Services Group Inc. (HIG) $72.52 -4.67%
Principal Financial Group Inc (PFG) $79.60 -4.33%
Aon plc (AON) $323.77 -3.94%
Mettler Toledo International (MTD) $1,273.82 -3.80%
Ford Motor Co. (F) $13.23 -3.61%
Revvity, Inc. (RVTY) $125.49 -2.44%

Nasdaq 100 – Risers

Dish Network Corp. (DISH) $7.58 8.60%
Sirius XM Holdings Inc (SIRI) $5.08 5.61%
KLA-Tencor Corp. (KLAC) $508.00 5.32%
JD.com, Inc. (JD) $39.98 5.27%
Intel Corp. (INTC) $36.22 4.83%
Mondelez International Inc. (MDLZ) $75.81 4.77%
Baidu Inc. (BIDU) $154.24 4.19%
Applied Materials Inc. (AMAT) $152.14 4.11%
eBay Inc. (EBAY) $45.43 4.05%
Trip.com Group Limited (TCOM) $39.12 4.01%

Nasdaq 100 – Fallers

Cisco Systems Inc. (CSCO) $51.92 -2.05%
Walgreens Boots Alliance, Inc. (WBA) $30.12 -1.67%
Illumina Inc. (ILMN) $186.76 -1.55%
Charter Communications Inc. (CHTR) $395.75 -1.31%
Align Technology Inc. (ALGN) $380.39 -1.28%
PACCAR Inc. (PCAR) $84.77 -0.68%
Regeneron Pharmaceuticals Inc. (REGN) $740.03 -0.62%
Check Point Software Technologies Ltd. (CHKP) $130.98 -0.61%
Cognizant Technology Solutions Corp. (CTSH) $65.96 -0.50%
Hologic Inc. (HOLX) $80.29 -0.12%

Related articles

US open: Stocks rise ahead of FOMC decision

US open: Stocks rise ahead of FOMC decision

(Sharecast News) - US stocks edged higher on Wednesday as investors showed optimism ahead of a keenly anticipated Federal Reserve meeting, after which policymakers are widely expected to keep interest rates unchanged. After the opening 30 minutes of trade, the Dow was...

US open: Stocks dip as Fed meeting gets under way

US open: Stocks dip as Fed meeting gets under way

(Sharecast News) - Nervous traders were pushing stocks slightly lower as the Federal Reserve's two-day policy meeting got under way. As at 1513 BST, the Dow Jones Industrials was 0.49% or 166.65 points lower at 34,457.46, while the S&P 500 was down by 0.5% or 22.16...

US open: Stocks mixed as oil prices and bond yields rise

US open: Stocks mixed as oil prices and bond yields rise

(Sharecast News) - Rising bond yields and oil prices were limiting investor risk appetite on Monday morning, as markets treaded water ahead of a crucial Federal Reserve policy meeting later in the week. Within the first 20 minutes of trade on Wall Street, the Dow...

Latest Articles

Europe open: Shares slide on hawkish Fed as eyes turn to BoE

Europe open: Shares slide on hawkish Fed as eyes turn to BoE

(Sharecast News) - European stocks opened in the red on Thursday after hawkish comments from the US Federal Reserve on future rate rises dampened sentiment and investors turned their attention to the Bank of England's own policy meeting. The pan-European Stoxx 600...

Capita signs two new contracts worth £565m

Capita signs two new contracts worth £565m

(Sharecast News) - Outsourcing group Capita said it has signed two new contracts with the UK and Northern Ireland governments worth a combined £565m. Four months after Capita was selected as the preferred bidder, the group has now confirmed it has sealed the deal to...

Rise in UK borrowing limits Hunt’s scope for tax cuts

Rise in UK borrowing limits Hunt’s scope for tax cuts

(Sharecast News) - Britain's budget deficit in August was slightly higher than expected, according to official data published on Thursday, meaning Finance Minister Jeremy Hunt will have less scope for tax cuts ahead of the General Election. Public sector net borrowing...

Join our mailing list

Subscribe to our mailing list to receive regular updates!

No Fields Found.
x