Thursday, January 26, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home U.S. Markets

U.S. Stocks Holding On To Strong Gains After Early Rally

MtR by MtR
August 10, 2022
in U.S. Markets
0


(RTTNews) – After moving sharply higher early in the session, stocks continue to see significant strength in afternoon trading on Wednesday. The major averages have moved than offset yesterday’s losses, with the Dow and the S&P 500 reaching three-month highs.

The major averages have moved roughly sideways in recent trading, hovering near their best levels of the day. The Dow is up 487.06 points or 1.5 percent at 33,246.47, the Nasdaq is up 324.46 points or 2.6 percent at 12,818.39 and the S&P 500 is up 80.59 points or 2 percent at 4,203.06.

The early rally on Wall Street reflected a positive reaction to a highly anticipated Labor Department report on consumer price inflation, which showed prices unexpectedly came in flat in the month of July.

The Labor Department said its consumer price index was unchanged in July after jumping by 1.3 percent in June. Economists had expected consumer prices to edge up by 0.2 percent.

Compared to the same month a year ago, consumer prices in July were up by 8.5 percent, reflecting a bigger than expected slowdown from the 9.1 percent spike in June.

The annual rate of price growth was expected to slow to 8.7 percent from the four-decade high seen in the previous month.

Meanwhile, the report said core consumer prices, which exclude food and energy prices, rose by 0.3 percent in July after climbing by 0.7 percent in June. Core prices were expected to increase by 0.5 percent.

The annual rate of core consumer price growth was unchanged at 5.9 percent, while economists had expected an acceleration to 6.1 percent.

The tamer than expected inflation data has led to speculation that the Federal Reserve will slow the pace of interest rate hikes at its September meeting.

CME Group’s FedWatch tool is currently indicating a 58.5 percent chance of a 50 basis point rate hike and a 41.5 percent chance of a 75 basis point rate hike.

“Today’s inflation report might lead the Fed to downshift the size of its rate hikes to 50bps in September,” said Kathy Bostjancic, Chief U.S. Financial Economist at Oxford Economics.

She added, “However, we still see 75bps as likely given the ongoing inflation pressures, still elevated inflation readings, and ongoing tight labor market that is leading to large wage gains.”

Sector News

Computer hardware stocks have shown a substantial move to the upside on the day, rebounding strongly following the sharp pullback seen in the previous session.

Reflecting the strength in the sector, the NYSE Arca Computer Hardware Index is surging by 4.2 percent to its best intraday level in two months.

Significant strength also remains visible among airline stocks, with the NYSE Arca Airline Index soaring by 4 percent.

Interest rate-sensitive housing stocks also continue to turn in a strong performance, resulting in a 3.7 percent jump by the Philadelphia Housing Sector Index.

Semiconductor, chemical and banking stocks are also seeing considerable strength on the day, moving higher along with most of the other major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday. Japan’s Nikkei 225 Index slid by 0.7 percent, while Hong Kong’s Hang Seng Index plunged by 2 percent.

Meanwhile, the major European markets moved to the upside on the day. While the German DAX Index jumped by 1.2percent, the French CAC 40 Index climbed by 0.5 percent and the U.K.’s FTSE 100 Index rose by 0.3 percent.

In the bond market, treasuries have pulled back well off their early highs but remain positive. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.6 basis points at 2.761 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



Source link

Related articles

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Cooling Inflation Sends Stocks Soaring

August 10, 2022

Related Posts

U.S. inflation CPI report, Wall Street, currencies

by MtR
August 10, 2022
0

SINGAPORE — Futures in Australia pointed to a lower open Thursday after a better-than-expected inflation report in the U.S. sent...

Cooling Inflation Sends Stocks Soaring

by MtR
August 10, 2022
0

US stocks rallied Wednesday after data showed headline US inflation cooled in July.  The headline reading of 8.5% was below...

Analysis: China investors hedge U.S. delisting risk with Hong Kong play

by MtR
August 10, 2022
0

A floor trader walks during afternoon trading at the Hong Kong Stock Exchange in Hong Kong, China September 26, 2016....

Share Market Today LIVE | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates 10 August

by MtR
August 10, 2022
0

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian equity markets are likely to open lower amid weak...

We prefer IG corporate bonds over stocks and TSX over U.S. markets: BlackRock's Reiman – BNN

by MtR
August 9, 2022
0

We prefer IG corporate bonds over stocks and TSX over U.S. markets: BlackRock's Reiman  BNN Source link

Load More
  • Trending
  • Comments
  • Latest

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021

Tips for checking smoke alarms during daylight saving time

March 12, 2022

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Industrial Lubricants Market to Reach $71 Billion by 2027.

August 10, 2022

Recent News

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter