US open: Stocks trade higher following July's PPI reading
By Iain Gilbert
Date: Thursday 11 Aug 2022
(Sharecast News) - Wall Street stocks opened higher on Thursday following the release of last month's producer price index.
As of 1520 BST, the Dow Jones Industrial Average was up 0.91% at 33,612.19, while the S&P 500 was 1.02% firmer at 4,253.11 and the Nasdaq Composite came out the gate 1.21% stronger at 13,010.55.
The Dow opened 302.68 points higher on Thursday, extending Gails recorded in the previous session after July's CPI reading came in cooler than expected.
Thursday's primary focus will be July's PPI reading, which revealed a fall in energy prices saw wholesale inflation in the US register its first outright fall since April 2020. According to the Department of Labor, so-called final demand prices retreated at a month-on-month pace of 0.5% (consensus: 0.3%). That pushed the annual rate of increase down from 11.3% in June to 9.8% for last month (consensus: 10.3%) - its slowest rate of gains since October.
Elsewhere on the macro front, Americans lined up for unemployment benefits at a slightly accelerated pace in the week ended 6 August, according to the Labor Department. Initial jobless claims rose by 14,000 week-on-week to 262,000, slightly better than expectations for a reading of 263,000, while the previous week's level was downwardly revised by 12,000 to 248,000.
In the corporate space, theme park operator Six Flags reported quarterly profits and revenues that fell well and truly short of expectations, while eyewear retailer Warby Parker posted a smaller-than-expected quarterly loss.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Walt Disney Co. (DIS) $121.19 7.79%
Nike Inc. (NKE) $116.22 2.73%
Dow Chemical Co. (DOW) $55.13 2.01%
JP Morgan Chase & Co. (JPM) $120.69 1.94%
Chevron Corp. (CVX) $158.76 1.89%
Goldman Sachs Group Inc. (GS) $354.27 1.83%
Caterpillar Inc. (CAT) $193.84 1.64%
Intel Corp. (INTC) $35.94 1.63%
Travelers Company Inc. (TRV) $167.13 1.28%
Walgreens Boots Alliance, Inc. (WBA) $40.38 1.19%
Dow Jones - Fallers
Johnson & Johnson (JNJ) $168.46 -1.29%
Merck & Co. Inc. (MRK) $88.77 -0.47%
Unitedhealth Group Inc. (UNH) $536.44 -0.24%
Microsoft Corp. (MSFT) $289.06 -0.03%
Walmart Inc. (WMT) $129.10 -0.03%
Honeywell International Inc. (HON) $0.00 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Visa Inc. (V) $212.18 0.04%
Amgen Inc. (AMGN) $252.49 0.16%
Cisco Systems Inc. (CSCO) $46.11 0.20%
S&P 500 - Risers
Walt Disney Co. (DIS) $121.19 7.79%
Macy's Inc. (M) $19.52 6.67%
Devon Energy Corp. (DVN) $62.96 4.85%
Nordstrom Inc. (JWN) $24.19 4.81%
Kohls Corp. (KSS) $32.75 4.53%
Gap Inc. (GPS) $10.26 4.22%
Carnival Corp. (CCL) $10.77 4.16%
Schlumberger Ltd. (SLB) $36.37 4.14%
PVH Corp. (PVH) $68.31 4.07%
Ralph Lauren Corp (RL) $99.32 3.98%
S&P 500 - Fallers
Hanesbrands Inc. (HBI) $10.83 -6.34%
Perrigo Company plc (PRGO) $40.41 -3.28%
Pfizer Inc. (PFE) $48.40 -3.11%
Johnson & Johnson (JNJ) $168.46 -1.29%
Rollins Inc. (ROL) $36.92 -1.08%
Wisconsin Energy Corp. (WEC) $104.28 -0.85%
Automatic Data Processing Inc. (ADP) $250.38 -0.83%
Ansys Inc. (ANSS) $284.89 -0.80%
Equinix, Inc. (EQIX) $703.96 -0.78%
Humana Inc. (HUM) $482.30 -0.76%
Nasdaq 100 - Risers
Trip.com Group Limited (TCOM) $26.47 4.38%
JD.com, Inc. (JD) $57.64 3.86%
Western Digital Corp. (WDC) $49.40 3.61%
Wynn Resorts Ltd. (WYNN) $67.64 3.50%
Qurate Retail Inc. (QRTEA) $3.86 3.49%
NetEase Inc. Ads (NTES) $92.77 3.28%
Expedia Group Inc. (EXPE) $112.63 3.11%
Baidu Inc. (BIDU) $141.83 2.97%
Booking Holdings Inc. (BKNG) $2,082.33 2.90%
Micron Technology Inc. (MU) $63.15 2.85%
Nasdaq 100 - Fallers
Automatic Data Processing Inc. (ADP) $250.38 -0.83%
Tesla Inc (TSLA) $878.70 -0.49%
Regeneron Pharmaceuticals Inc. (REGN) $638.43 -0.48%
NortonLifeLock Inc. (NLOK) $24.27 -0.29%
Incyte Corp. (INCY) $74.01 -0.16%
Costco Wholesale Corp. (COST) $538.98 -0.16%
Check Point Software Technologies Ltd. (CHKP) $122.35 -0.12%
Vertex Pharmaceuticals Inc. (VRTX) $295.58 -0.06%
Citrix Systems Inc. (CTXS) $102.64 -0.04%
Microsoft Corp. (MSFT) $289.06 -0.03%
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