It was a jam-packed day for the markets: earnings season started strong, oil futures fluctuated, Federal Reserve Chairman Kevin Warsh testified in front of lawmakers, and the latest June inflation report delivered a cooler-than-expected reading that should make policymakers hold off on raising interest rates—for now. The Dow closed just above the flatline at 0.02%. The Nasdaq Composite was up 0.9% and the S&P 500 finished the day up 0.4%.
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<body><p>STORY: U.S. stocks closed mostly higher on Tuesday, with the Dow ending little changed, the S&P 500 adding almost four-tenths of a percent and the Nasdaq gaining nine-tenths of a percent.</p><p>Second-quarter earnings season began with five big U.S. banks reporting solid results, buoyed by trading strength and dealmaking.</p><p>Shares of Goldman Sachs surged 9%, while JPMorgan Chase and Bank of America also closed higher.</p><p>Robert Conzo, CEO and managing director of The Wealth Alliance, said he expects corporate earnings this quarter to remain strong which should help markets advance.</p><p>"When you look at the earnings estimates for the second quarter, it's at 23.6 [percent], north of 20. That's coming off of a first quarter earnings of about 27 [percent]. Again, a huge number north of 20. The last time that happened was in the first and second quarter of 2021 when we were coming off of Covid. So these are big earnings projections going forward. The market was looking for that because all eyes on earnings in the face of sticky inflation.”</p><p>But inflation was a little less "sticky" in June, as Tuesday's release of the Labor Department's Consumer Price Index showed the annual inflation rate dropped to 3.5%, due largely to receding oil prices that have since rebounded.</p><p>Other stocks on the move Tuesday included U.S.- listed shares of SK Hynix, which soared more than 27% after tumbling on Monday following a strong Friday debut.</p><p>And shares of IBM plummeted more than 25% after the tech company warned second-quarter revenue would fall below estimates.</p></body>
(Updates with index/price moves, macroeconomic data, and geopolitical news from the first paragraph.
Inflation cooled faster than expected in June, but Fed Chair Kevin Warsh isn't ready to declare victory.
William Blair says Casey’s, Costco, Cava, and other consumer companies are well positioned to weather inflation and uneven consumer spending.
Every good party has one guest who starts eyeing the door while the music is still loud. They are not trying to spoil anything. They have just seen how these nights tend to end. Wall Street has its own version of that guest, and right now the speakers are cranked. The S&P 500 keeps closing at ...
Meta stock is back in rally mode, for now.
A bad day for International Business Machines has turned into great day for CrowdStrike Holdings and other cybersecurity companies. The reason why seems to be a short reference about cybersecurity in a letter to shareholders from IBM CEO Arvind Krishna. Krishna discussed how IBM clients in June shifted quarterly capital spending toward servers, storage, and memory purchases ahead of expected price increases.
Wireless carrier Verizon will announce the reorganization plan Thursday morning. The company has been seeking to reduce costs under its new CEO.
(Updates with index/price moves and company/geopolitical news from the first paragraph.) US equit
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By Sinéad Carew and Nell Mackenzie NEW YORK/LONDON July 14 (Reuters) - Shares were up modestly on Tuesday after softer than expected U.S. inflation data and strong second-quarter earnings from major
Over the past six months, Lockheed Martin’s stock price fell to $522.25. Shareholders have lost 8.8% of their capital, which is disappointing considering the S&P 500 has climbed by 9.4%. This was partly due to its softer quarterly results and may have investors wondering how to approach the situation.
Fresh economic data showing consumer prices fell in June sent stocks mostly higher at Tuesday's opening bell. The tech-heavy Nasdaq was up 0.4%, while the S&P 500 gained 0.2%. The Dow was up 0.2%, or 83 points.
June CPI came in at 3.5% annually, below the 3.8% economists expected, but rising oil prices and an IBM warning capped gains
CPI inflation was far below views, lowering Fed rate hike odds. Fed Chairman Kevin Warsh said he'll "get monetary policy right."
Transocean has had an impressive run over the past six months as its shares have beaten the S&P 500 by 13.7%. The stock now trades at $5.39, marking a 23.1% gain. This was partly thanks to its solid quarterly results, and the run-up might have investors contemplating their next move.
Bond yields dropped sharply and Nasdaq futures climbed after a cooler-than-expected inflation report this morning. Futures for the S&P 500 and Nasdaq-100 index rose, while those tied to the Dow industrials edged lower.
Industrial distributor Fastenal reported second-quarter earnings per share of 33 cents, in line with Wall Street estimates.
Stock Market Today: The Dow Jones index dropped Tuesday ahead of the June CPI inflation report. IBM stock plunged 23% on earnings.