Last Updated 4:05 PM EST
Stocks finished today’s trading session in the green. Indeed, the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.18%, 0.03%, and 0.15%, respectively. However, this was near the intraday lows as the indices gradually lost momentum throughout the day.
The real estate sector (XLRE) was the session’s laggard, losing 0.33%. Conversely, the communications sector (XLC) was the session’s leader, with a gain of 0.36%.
Furthermore, the U.S. 10-Year Treasury yield increased to 4.11%, an increase of nine basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.85%.
Last updated: 2:25PM EST
Stocks remain in the green so far in today’s trading although they have pulled back from their highs. Earlier today, Mary Daly, President of the San Francisco Federal Reserve Bank, gave Yahoo Finance some insights, suggesting that inflation is trending downwards but is still a notch higher than comfort levels.
Reacting to the CPI data, which reported a 3.2% annual rise in July, Daly expressed that this was in sync with the bank’s expectations. However, she was quick to emphasize that this isn’t the time for a victory lap just yet.
Furthermore, decisions on the next course of action aren’t set in stone. Daly, with an ear to the ground, pointed out that elements like erratic oil prices and housing trends could throw a wrench in inflation’s downward movement.
When discussing the job market, she highlighted the necessity of its rebalancing, especially considering that the economy needs about 100,000 new jobs monthly to sustain population growth.
Last updated: 11:05AM EST
Stocks are trading higher on Thursday following today’s inflation data, with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) up by 0.9%, 0.7%, and 0.7%, respectively.
Last updated: 8:30AM EST
Inflation remained more or less stable in July as it rose by 0.2% on a seasonally adjusted basis, in line with economists’ forecasts and the same as in June. On a year-over-year basis, inflation increased by 3.2%, slower than consensus forecasts of 3.3% but more than the 3% rise in the index in June.
The rise in home prices continued to be the largest contributor to the monthly increase in inflation and accounted for more than 90% of the rise in the CPI index. Core inflation (excluding food and energy prices) was up by 0.2% in July, meeting expectations, and was up by 4.7% on an annual basis, again lower than expectations of 4.8%.
Food prices climbed by 0.2% in July compared to a rise of 0.1% in June, while the energy index was up by 0.1%.
Meanwhile, jobless claims went up to their highest level in July, with initial jobless claims rising by 21,000 to 248,000 in the week ending August 5. This was higher than economists’ estimates of 231,000 claims. However, continuing jobless claims fell to 1.64 million from a high of 1.86 million in mid-April.
Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.74%, 0.54%, and 0.53%, respectively, at 8:30 a.m., EST, August 10.
First published: 4:02AM EST
U.S. Futures are trending higher on Thursday morning as traders await key inflation data today. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.70%, 0.64%, and 0.59%, respectively, at 4:00 a.m. EST, August 10. WTI crude oil is also trending higher, hovering over $84.60 per barrel as of the last check.
The Consumer Price Index (CPI) data for July is due for release at 8:30 a.m. EST today. Economists expect the CPI to rise by 0.2% from June and increase by 3.3% for the twelve months ending July. Meanwhile, weekly Initial Jobless Claims data is also due later today. Both indicators are widely watched by the Federal Reserve in forming their monetary policy decisions. This will be followed by another popular Fed gauge, the Producer Price Index (PPI), due tomorrow, August 11. The Federal Open Market Committee (FOMC) will meet in September, and markets worldwide are speculating whether the Fed will hike or pause interest rates at the upcoming meeting.
Turning to earnings, The Walt Disney Co. (DIS) reported mixed Q2FY23 results yesterday, with a declining subscriber count. Even so, Disney shares rose on news that it has decided to increase the prices of its ad-free streaming services, Disney+ and Hulu, and crack down on password sharing. Also, shares of Wynn Resorts (WYNN) rose in extended trading after posting better-than-expected second-quarter Fiscal 2023 results. Notable companies reporting today include Chinese tech giant Alibaba (BABA), Ralph Lauren (RL), and Six Flags (SIX).
Elsewhere, European indices are trading in positive territory on Thursday following solid corporate earnings releases. Also, traders anticipate the U.S. CPI data due later today.
Asia-Pacific Markets End Mostly in Green
A majority of Asia-Pacific indices finished in the green on Thursday. Japan’s wholesale inflation rate for July came in lower than June’s, rising 3.6% for the month. The news pushed Japanese stocks higher. Japan’s Nikkei and Topix indices ended higher by 0.84% and 0.92%, respectively.
Similarly, Hong Kong’s Hang Seng index finished near the flat line, while China’s Shanghai Composite and Shenzhen Component indices finished higher by 0.31% and 0.10%, respectively.
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