Yahoo Finance Daily
Stocks pop as inflation continues cooldown: Stock Market News Today
Wed Jul 12 2023Description
Stocks rose as inflation cooled down, impacting back-to-school spending. Grocery prices decreased slightly, but inflation persists. Lucid stock tumbled while Domino's stock jumped. US bank account interest rates reached a 15-year high.
Insights
Inflation cools down, impacting spending
The cool down in inflation is weakening the case for more interest rate rises from the Federal Reserve. It is also expected to be the main driver behind the first yearly decline in back-to-school spending in nine years.
Grocery prices decrease, but inflation persists
Despite a slight decrease in grocery prices, inflation is still present. Egg prices have dropped significantly on a monthly and yearly basis.
Stock market movements
The S&P 500 finished up 0.75 percent, while the Dow Jones Industrial Average added about 0.25 percent. The Nasdaq led the way up, rising more than 1%. Lucid stock tumbled as it missed expectations, while Domino's stock jumped after announcing new partnerships.
US bank account interest rates reach 15-year high
Interest rates on US bank accounts have reached their highest level in 15 years.
Chapters
- Stocks rise as inflation cools down
- Inflation slows down, impacting back-to-school spending
- Grocery prices decrease, but inflation persists
- Lucid stock tumbles, Domino's stock jumps
- US bank account interest rates reach highest level in 15 years
Stocks rise as inflation cools down
00:01 - 03:49
- Stocks rose Wednesday as inflation continued its cool down in the U.S., weakening the case for more interest rate rises from the Federal Reserve.
- The S&P 500 finished up 0.75 percent, while the Dow Jones Industrial Average added about 0.25 percent.
- The tech-having Nasdaq led the way up, rising more than 1%.
Inflation slows down, impacting back-to-school spending
00:01 - 03:49
- The Consumer Price Index reports slow to its lowest rate since March 2021, bolstering hopes that Fed officials might rethink their stance that more rate hikes are needed to ease price pressures.
- Inflation is expected to be the main driver behind the first yearly decline in back-to-school spending in nine years, with total spending per child projected to fall by 10% compared to last year.
- More than half of parents planning to spend less attributed it to reduced disposable income.
Grocery prices decrease, but inflation persists
00:01 - 03:49
- Grocery prices decreased slightly by 0.1%, but inflation is still present.
- Egg prices dropped by 7.3% on a monthly basis and by 7.9% year over year.
Lucid stock tumbles, Domino's stock jumps
00:01 - 03:49
- Lucid stock tumbled as it missed Wall Street expectations, delivering fewer vehicles than estimated.
- Domino's stock jumped nearly 16% after announcing plans to offer its products on Uber Eats and Postmates.
US bank account interest rates reach highest level in 15 years
00:01 - 03:49
- US bank account interest rates reached their highest level in 15 years.