The major US indices got a boost from lower-than-expected PPI data. Tomorrow the CPI will be released. The PPI data does not necessarily translate into the CPI, but there is some crossover to the PCE data that will be released later this month.
Tomorrow, CPI is expected to show a 0.2% gain after a -0.1% surprise last month. The year-on-year is expected at 3.0% unchanged. Core CPI is expected at 0.2% with YoY at 3.2% versus 3.3%,.
Both are not really close to the 2% targets for the Fed, but the next two months (Aug and September) 1% of gains from 2023 will drop out in the headline number. For the core, 0.6% drops out. That will likely get the numbers trending more to the downside. At least we should start be seeing 2.x% numbers.
The closing levels today shows:
- Dow Industrial Average rose 408.63 points or 1.04% at 39765.63.
- S&P index rose 90.06 points or 1.69% at 5434.44 .
- NASDAQ index rose 407.00 points or 2.43% at 17187.61
The small-cap Russell 2000 rose 33.11 points or 1.61% at 2095.19.
The NASDAQ index, closed above is 100 day moving average at 16907.49.
Looking at the S&P sectors, the information technology was the biggest gainer with a rise of 3.0%: Energy fell over -1.0%
.
- Information Technology (SSINFT): +3.00%
- Consumer Discretionary (SSCOND): +2.42%
- Health Care (SSHITH): +1.23%
- Industrials (SSINDU): +1.07%
- Materials (SSMATR): +1.03%
- Financials (SPF): +0.85%
- Telecommunication Services (SSTELS): +0.71%
- Real Estate (SSREAS): +0.71%
- Consumer Staples (SSCONS): +0.45%
- Utilities (SSUTIL): +0.52%
- Energy (SPN): -1.02%
Looking at some individual stocks:
- Nvidia, +6.4%
- Intel +5.73%.
- Tesla +5.26%
- Broadcom, +5.18%.
- First Solar, +5.04%
- Super Micro Computers +4.89%
- Qualcomm, 4.06%
Looking at the other Magnificent 7
- Meta, +2.44%
- Apple +1.72%
- Amazon +2.06%
- Alphabet +1.15%
- Microsoft +1.77%.