Yahoo Finance Daily
Stocks continue rally amid more signs of cooling inflation: Stock Market News Today
Fri Jul 14 2023Description
The episode covers a market rally driven by cooling inflation and strong earnings, unemployment claims impacting the Federal Reserve's rate hike campaign, positive reports from PepsiCo and Delta in the earnings season, and stock movements including Carvana and Google parent Alphabet.
Insights
Market Rally
The market rallied as producer price data showed evidence of cooling inflation and stronger-than-expected earnings. Headline consumer inflation dropped to a two-year low, boosting markets and dragging down the dollar. The S&P 500 closed up 0.9%, the Dow Jones Industrial Average rose 0.1%, and the Nasdaq led gains with a rise of about 1.6%. The producer price index for June came in at 0.1 percent, below expectations.
Unemployment Claims
Unemployment claims unexpectedly fell last week, potentially influencing the Federal Reserve's rate hike campaign.
Earnings Season
Earnings season kicked off with positive reports from PepsiCo and Delta. Shares of PepsiCo exceeded expectations for sales and earnings per share, while Delta Airlines also beat estimates for revenue and earnings per share. More results are expected from Wall Street banks like JPMorgan and City on Friday.
Stock Movements
Carvana stock fell after being downgraded, while shares of Google parent Alphabet jumped as it expanded availability of its generative AI power chatbot. Crypto stocks soared following a judge's ruling that sales of Ripple's XRP cryptocurrency did not involve securities.
Chapters
Market Rally and Inflation
00:00 - 04:10
- Stocks rallied as producer price data showed evidence of cooling inflation and stronger-than-expected earnings.
- The S&P 500 closed up 0.9%, the Dow Jones Industrial Average rose 0.1%, and the Nasdaq led gains with a rise of about 1.6%.
- Headline consumer inflation dropped to a two-year low, boosting markets and dragging down the dollar.
- The producer price index for June came in at 0.1 percent, below expectations.
Unemployment Claims and Earnings Season
00:00 - 04:10
- Unemployment claims unexpectedly fell last week, potentially influencing the Federal Reserve's rate hike campaign.
- Earnings season kicked off with positive reports from PepsiCo and Delta, with more results expected from Wall Street banks like JPMorgan and City on Friday.
- Shares of PepsiCo exceeded expectations for sales and earnings per share, while Delta Airlines also beat estimates for revenue and earnings per share.
Stock Movements
00:00 - 04:10
- Carvana stock fell after being downgraded, while shares of Google parent Alphabet jumped as it expanded availability of its generative AI power chatbot.
- Crypto stocks soared following a judge's ruling that sales of Ripple's XRP cryptocurrency did not involve securities.