{"id":34184,"date":"2023-07-11T11:33:22","date_gmt":"2023-07-11T15:33:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/u-s-stocks-rise-as-inflation-data-corporate-earnings-loom\/"},"modified":"2023-07-11T11:33:23","modified_gmt":"2023-07-11T15:33:23","slug":"u-s-stocks-rise-as-inflation-data-corporate-earnings-loom","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34184","title":{"rendered":"U.S. stocks rise as inflation data, corporate earnings  loom"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002262602\" role=\"document\">\n<p>U.S. stocks are gaining ground Tuesday, ahead of Wednesday\u2019s inflation report for June and the launch of the second quarter corporate earnings reporting season later this week.  <\/p>\n<h2>How stocks are trading<\/h2>\n<ul class=\"articleList\">\n<li>\n      The S&amp;P 500 rose 11 points, or 0.2%, to 4,420<\/p>\n<\/li>\n<li>\n      The Dow Jones Industrial Average gained 121 points, or 0.3%, to 34,066<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite gained 32 points, or 0.2%, to 13,718<\/p>\n<\/li>\n<\/ul>\n<p>On Monday, the Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"positive\">+0.42%<\/bg-quote><br \/>\n       rose 210 points, or 0.62%, to 33944, the S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+0.20%<\/bg-quote><br \/>\n       increased 11 points, or 0.24%, to 4410, and the Nasdaq Composite<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"positive\">+0.00%<\/bg-quote><br \/>\n       gained 25 points, or 0.18%, to 13685.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>The S&amp;P 500 index broke a three-day losing streak on Monday after benchmark bond yields pulled back from recent highs. Yields eased further early Tuesday, helping equity index futures mostly hold their ground in early action.<\/p>\n<p>For example, the 10-year Treasury<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.988%<\/bg-quote><br \/>\n       note fell 2.1 basis points to 3.985% , down from 4.006% late Monday. <\/p>\n<p>When it comes to Tuesday\u2019s trading action, call it an upbeat breather \u2013  for now at least. <\/p>\n<p>\u201cMarkets started the week in a holding pattern, but a rates rally in the U.S emerged as the main theme on Monday that sent the 10-year Treasury yield back beneath 4% again,\u201d said Henry Allen, strategist at Deutsche Bank.<\/p>\n<p>\u201cThe decline in yields followed some dovish tones in usually second-tier U.S. data [softer household inflation expectations and lower used car prices], which comes ahead of tomorrow\u2019s all-important U.S. CPI print,\u201d Allen added.<\/p>\n<p>The consumer-price index June report is expected to show headline annual inflation falling to 3.1% having hit a multi-decade peak of 9.1% a year before. However, core inflation, which strips out volatile items like energy and food prices, is expected to be more elevated at 5%.<\/p>\n<p><strong>Read also:<\/strong> S&amp;P 500 could surge 100 points this week on inflation data, says Fundstrat\u2019s Lee<\/p>\n<p>The June inflation print is the last big economic data point before the Federal Reserve\u2019s next meeting on interest rates. The central bank\u2019s Federal Open Market Committee is scheduled to meet in two weeks, on July 25 and 26.   <\/p>\n<p>There\u2019s a more than 92% chance of a 25 basis point increase to the federal funds rate at the upcoming meeting, according to the CME FedWatch Tool.<\/p>\n<p>However, with the market pricing in the possibility that the Federal Reserve may follow up an interest-rate hike this month with another later in the year to lower inflation to its 2% target, there is an opportunity for a pleasant surprise for equity bulls, according to some analysts. <\/p>\n<p>\u201cA weaker than forecast figure could signal that inflation is moving tellingly towards the Fed\u2019s target, which could result in a brief rally if the consensus then changes to one more hike this year as opposed to the two currently in place,\u201d said Richard Hunter, head of markets at Interactive Investor. <\/p>\n<p>Then come the second quarter corporate earnings. Mega banks like JPMorgan Chase &amp; Co., Wells Fargo &amp; Co. and Citigroup Inc.\u00a0 will all announce their results on Friday. The first quarter unfolded amid bank sector failures like Silicon Valley Bank. Analysts will be keenly curious to see how the big banks moved on from there.  <\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Amazon <\/strong><br \/>\n        AMZN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210331248\/composite\" class=\"positive\">+0.86%<\/bg-quote><br \/>\n       shares are higher, up 1.3%,  as the e-commerce giant began its Prime Day summer sale which actually lasts two days. The tech giant will be hoping for a boost as sales growth, excluding Amazon\u2019s cloud division, was a meager 8% in the most recent quarter, far below the pre-pandemic pace.<\/p>\n<\/li>\n<li>\n      <strong>Microsoft Corp. <\/strong><br \/>\n        MSFT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207732364\/composite\" class=\"negative\">-0.74%<\/bg-quote><br \/>\n       shares are lower, off 0.6%. The company is reportedly planning additional layoffs after it already announced 10,000 layoffs earlier this year.<\/p>\n<\/li>\n<li>\n      <strong>Uber Technologies Inc.<\/strong><br \/>\n        UBER,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211348248\/composite\" class=\"positive\">+1.52%<\/bg-quote><br \/>\n       shares are up 0.8%. This is after reports that its Chief Financial Officer, Nelson Chai, is planning to leave the company though the timing of the exit is undetermined. The exit would be the highest-level exit at the company since it went public in 2019.  <\/p>\n<\/li>\n<li>\n      <strong>Bank of America Corp.<\/strong><br \/>\n        BAC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200894270\/composite\" class=\"positive\">+0.65%<\/bg-quote><br \/>\n       shares are up 0.7%, after orders from federal regulators to pay $250 million for allegedly charging unfair junk fees, withholding credit card rewards and opening fake accounts. The bank \u201cvoluntarily reduced overdraft fees and eliminated all non-sufficient fund fees in the first half of 2022,\u201d a spokesperson said. <\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/stock-futures-steady-and-bond-yields-dip-as-inflation-data-looms-e25fec46?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks are gaining ground Tuesday, ahead of Wednesday\u2019s inflation report for June and the launch of the second quarter corporate earnings reporting season later this week. How stocks are trading The S&amp;P 500 rose 11 points, or 0.2%, to 4,420 The Dow Jones Industrial Average gained 121 points, or 0.3%, to 34,066 The Nasdaq [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-34184","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. stocks rise as inflation data, corporate earnings loom | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks are gaining ground Tuesday, ahead of Wednesday\u2019s inflation report for June and the launch of the second quarter corporate earnings reporting\" \/>\n<meta name=\"robots\" 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