2023-07-11 23:36:32
The Dow Jones New York Stock Exchange closed up more than 300 points on Tuesday (July 11), supported by investor optimism about US inflation data due this week. Including the hope that the Federal Reserve (Fed) is close to ending the cycle of raising interest rates.
The Dow Jones Industrial Average closed at 34,261.42 points, an increase of 317.02 points, or +0.93%, the S&P500 closed at 4,439.26 points, an increase of 29.73 points, or +0.67%, and the Nasdaq Index closed at 13,760.70, an increase of 75.22 points, or +0.55%.
The U.S. Department of Labor is due to release the Consumer Price Index (CPI), a measure of inflation driven by consumer spending. Month of June today Meanwhile, analysts had expected the June CPI to rise 3.1% year over year. That slowed from 4.0% in May, and core CPI, which excludes food and energy, is expected to rise 5.0% in June year on year. This slowed from 5.3% in May.
Investors are optimistic that if the CPI slows down, it will support the Fed to stop raising interest rates. After several Fed officials, including San Francisco Fed President Mary Daly, and Loretta Mester, president of the Cleveland Fed. Both came out to signal that the Fed is nearing an end to its cycle of raising interest rates.
The S&P banking index rose 1.5% in response to expectations that Major US banks will report stronger-than-expected second-quarter results this week.
JPMorgan shares rose 1.6% after Jefferies analysts upgraded JPMorgan’s investment rating to “buy” before JPMorgan’s announcement. Q2 results on Friday
Energy stocks rose after WTI oil prices rallied more than 2%, with Exxon Mobil surging 1.22%, Chevron 1.84%, Halliburton 4.22% higher.
Activision Blizzard stock, the US video game maker, soared 10% after a US court ruled that Microsoft can acquire Activation Blizzard.
Sales force stock The cloud service provider jumped 3.9 percent after the company announced it would raise prices for cloud services.
Amazon shares rose 1.3% ahead of the company’s massive “Prime Day” shopping spree this week.
Investors keep an eye on major listed companies’ second-quarter earnings reports this week. These include JPMorgan, Wells Fargo, Citigroup, Blackrock, PepsiCo, Delta Air Lines and United Health.
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