Stocks rise on PPI data and bank earnings, but close mixed with some losses

From Nasdaq: 2024-07-12 09:50:11

Stocks opened higher as the producer price index rose 0.2%, with core wholesale inflation climbing 0.4%. Big banks like JPMorgan Chase and Wells Fargo beat earnings estimates, but stocks are down. Wall Street closed mixed, with Tesla and Delta Air Lines losing. Inflation edged down -0.1%, while jobless claims fell -17K.

Fed officials see “excellent” inflation data, supporting potential policy adjustments in July. U.S. rate futures expect a 6.7% chance of a rate cut in July and 86.4% in September. Corporate earnings season kicks off with big banks. The U.S. PPI, Core PPI, and Michigan Consumer Sentiment figures are due.

France and Spain released their CPI data today. Asian markets closed mixed, with China’s exports up 8.6% and imports down 2.3%. Japan’s Nikkei 225 closed sharply lower, led by losses in electronics and financial stocks. Japan’s industrial production was revised upward, and nearly 90% of households expect prices to rise. SoftBank Group slumped.



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