{"id":35640,"date":"2023-07-14T11:11:35","date_gmt":"2023-07-14T15:11:35","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/wall-st-ends-up-extends-recent-gains-on-cooling-us-inflation\/"},"modified":"2023-07-14T11:11:36","modified_gmt":"2023-07-14T15:11:36","slug":"wall-st-ends-up-extends-recent-gains-on-cooling-us-inflation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35640","title":{"rendered":"Wall St ends up, extends recent gains on cooling US inflation"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. REUTERS\/Brendan McDermid<\/span>
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By Caroline Valetkevitch<\/p>\n

NEW YORK (Reuters) – U.S. stocks extended recent gains to end higher on Thursday, with the Nasdaq rising more than 1% for a second straight day, as data showed the annual increase in U.S. producer inflation was the smallest in nearly three years.<\/p>\n

The data provided more evidence that inflation pressures were subsiding. Wednesday’s CPI report showed U.S. consumer prices registered their smallest annual increase in more than two years.<\/p>\n

The reports have helped to support the view the Federal Reserve will stop hiking rates after an expected 25 basis points rate increase later this month.<\/p>\n

“PPI is another confirmation this week that inflation continues to trend in the right direction even as we see better overall labor market and consumer data. That is a good sign,” said Mona Mahajan, senior investment strategist at Edward Jones.<\/p>\n

In the 12 months through June, the producer price index climbed 0.1%. That was the smallest year-on-year gain since August 2020 and followed a 0.9% increase in May.<\/p>\n

Technology-related shares provided the most support to the , and an index of tech-focused shares including megacaps gained 2.7% and registered a record high close.<\/p>\n

The rose 47.71 points, or 0.14%, to 34,395.14, the S&P 500 gained 37.88 points, or 0.85%, to 4,510.04 and the added 219.61 points, or 1.58%, to 14,138.57.<\/p>\n

U.S. chip stocks also rallied, with Nvidia (NASDAQ:) jumping to a record high during the session and the Philadelphia semiconductor index rising 2%.<\/p>\n

Offsetting some of the day’s upbeat tone, a separate report showed weekly jobless claims unexpectedly fell last week, indicating that the labor market remains tight.<\/p>\n

Focus also is shifting to the second-quarter U.S. earnings season kicking off this week. Shares of JPMorgan Chase (NYSE:) ended up 0.5% ahead of its quarterly results due before the opening bell Friday.<\/p>\n

“We might have another quarter here where the positive sentiment will continue,” said Alan Lancz, president of Alan B. Lancz & Associates Inc. in Toledo, Ohio. <\/p>\n

“As long as expectations and guidance are in line, that’s what a lot of institutional investors will be looking at.”<\/p>\n

Delta Air Lines (NYSE:) ended near flat after rising on news it lifted its full-year profit outlook, citing a relentless post-pandemic travel boom.<\/p>\n

PepsiCo (NASDAQ:) shares jumped 2.4% after the company raised its annual revenue and profit forecasts for the second time.<\/p>\n

Among the day’s other gainers, shares of Google parent Alphabet (NASDAQ:) Inc shot up 4.7%. It said it was rolling out its artificial-intelligence chatbot Bard in Europe and Brazil, easing worries about overseas regulatory issues.<\/p>\n

Recent weakness in the U.S. dollar could be among positives for U.S. multinational companies for future earnings, strategists said.<\/p>\n

Volume on U.S. exchanges was 10.82 billion shares, compared with the 11.11 billion average for the full session over the last 20 trading days.<\/p>\n

Advancing issues outnumbered declining ones on the NYSE by a 2.90-to-1 ratio; on Nasdaq, a 1.93-to-1 ratio favored advancers.<\/p>\n

The S&P 500 posted 51 new 52-week highs and one new low; the Nasdaq Composite recorded 135 new highs and 39 new lows. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. REUTERS\/Brendan McDermid By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks extended recent gains to end higher on Thursday, with the Nasdaq rising more than 1% for a second straight day, […]<\/p>\n","protected":false},"author":1,"featured_media":800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-35640","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nWall St ends up, extends recent gains on cooling US inflation | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. 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