Stocks Rise Slightly on Tame CPI Data | Wall Street Today
Stocks ended higher Wednesday after July’s Consumer Price Index showed falling U.S. inflation, keeping market hopes alive for Federal Reserve interest-rate cuts. The gains allowed the S&P 500 to recoup all losses from its Aug. 2-5 meltdown.
The $S&P 500 Index (.SPX.US)$ gained 20.78 points (0.4%) to end at 5,455.21 – higher than the 5,446.68 that it closed at on Aug. 1 just prior to a two-session sell-off earlier this month that followed a weaker-than-expected July U.S. jobs report.
The $Dow Jones Industrial Average (.DJI.US)$ likewise added 2242.75 ticks (0.6%) to a 40,008.39 finish – the index’s first close about 40,000 since before the Aug. 2-5 sell-off. However, the Dow industrials remain some 300 points below the 40,347.97 they closed at on Aug. 1
Meanwhile, the $Nasdaq Composite Index (.IXIC.US)$ inched up 4.99 points (0.03%) to a 17,192.6 close.
MACRO
The three indexes rose after the U.S. Bureau of Labor Statistics reported before the bell that the Consumer Price Index – which measures retail inflation – grew 0.2% in July, matching economists’ forecasts.
However, annual inflation eased to 2.9% -- below the 3% analysts had forecast, as well as the lowest level seen since 2021.
Markets hope that lower inflation will allow the Fed to cut its benchmark Federal Funds Rate when the central bank meets on Sept. 17-18. Lower rates traditionally help stocks by making bond and money-market yields less attractive to investors.
MOOVERS
Individual stocks that saw significant gains Wednesday included:
-- $Mercury Systems (MRCY.US)$, better by 17.7% after releasing well-received earnings Tuesday evening.
-- $Qifu Technology (QFIN.US)$, which added 12.3% following its earnings release Tuesday night. QFIN hit an 18-month intraday high earlier in the session.
-- FanDuel parent $Flutter Entertainment (FLUT.US)$, which finished 8.1% higher following its earnings report Tuesday night.
And stocks that rang up significant losses included:
-- $Ibotta (IBTA.US)$, down 26.7% following the release after the bell Tuesday of disappointing quarterly earnings.
-- Chili’s parent $Brinker International (EAT.US)$, which fell 10.7% on poorly received fiscal Q4 results and forward guidance.
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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