(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%
