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24x7Report > Blog > Finance > Stocks continue to rise amid more signs of cooling inflation: stock market news today
Finance

Stocks continue to rise amid more signs of cooling inflation: stock market news today

Last updated: 2023/07/13 at 8:15 PM
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Stocks continue to rise amid more signs of cooling inflation: stock market news today
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Shares held onto Thursday’s week-long rally after producer value information offered additional proof that inflation is cooling and firms are getting into the earnings season stronger than analysts had anticipated.

The S&P 500 (^GSPC) closed 0.9% larger, whereas the Dow Jones Industrial Common (^DJI) rose 0.1%. The tech-heavy Nasdaq (^IXIC) led beneficial properties, up about 1.6%.

A fall in headline shopper inflation to a two-year low energized markets on Wednesday and acted as a drag on the greenback.

The producer value index (PPI) for June got here in at 0.1%, which was beneath expectations. In the meantime, information from the Labor Division confirmed that the variety of Individuals submitting new claims for unemployment advantages fell unexpectedly final week.

A cooling in inflation may give the Federal Reserve purpose to ease its fee hike marketing campaign CME FedWatch Tool exhibits that the majority merchants are nonetheless seeing over 90% odds for a July rally.

One other potential enhance to the rally comes with the beginning of earnings season. Upbeat stories from PepsiCo (PEP) and Delta (DAL) acquired the ball rolling on Thursday, however the actual kick-off comes Friday with outcomes from Wall Avenue banks like JPMorgan (JPM) and Citi (C).

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