In after-hours action, Costco Wholesale gained 2% after anno...
In after-hours action, Costco Wholesale gained 2% after announcing its first membership rate increase since 2017. WD-40 Company added 12% on the back of its fiscal third quarter report, posting total net sales that rose 9% from the year-ago period.
Earlier in the day, the S&P 500 added 1.02% to close above 5,600 for the first time, while the Nasdaq Composite advanced 1.18% to a record close. The 30-stock Dow gained 429.39 points, or 1.09%.
These moves come before a key inflation report due to be released Thursday morning, which could help solidify expectations for a rate cut in September.
Economists surveyed by Dow Jones are looking for the June reading for the consumer price index to be up 0.1% month over month, and 3.1% year over year. This would build on the positive news from the May report, which showed inflation unchanged on a monthly basis and up 3.3% year over year.
The June core CPI, which strips out volatile food and energy prices, is expected to rise 0.2% for the month and 3.4% from a year earlier.
“With a little bit easier inflation, I would think some of the big-cap techs probably do a bit better [Thursday],” said Mike Bailey, director of research at FBB Capital Partners. “Any upside surprises in inflation are going to be downside surprises for markets. I don’t think that’s going to happen — I see that as a low probability, but it is out there.”
PepsiCo, Delta Air Lines and Conagra are set to report earnings Thursday before the bell.
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