US close: Stocks higher following CPI data
By Iain Gilbert
Date: Wednesday 10 Aug 2022
(Sharecast News) - Wall Street stocks closed sharply higher on Wednesday as market participants digested last month's CPI data.
At the close, the Dow Jones Industrial Average was up 1.63% at 33,309.51, while the S&P 500 was 2.13% firmer at 4,210.24 and the Nasdaq Composite saw out the session 2.89% stronger at 12,854.80.
The Dow closed 535.10 points higher on Wednesday, erasing losses recorded in the previous session as market participants digested more second-quarter earnings.
Wednesday's primary focus was data that showed US inflation slowed more than expected in July, according to the Bureau of Labor Statistics, advancing at an 8.5% clip in July, down from June's 40-year high of 9.1%.
Compared to the previous month rate, CPI was unchanged after rising at a 17-year high print of 1.3%, below forecasts of 0.2%. Core inflation remained steady at 5.9%, beating market expectations for a reading of 6.1% and going a ways to indicate that inflation may have finally peaked.
Elsewhere on the macro front, US mortgage applications edged 0.2% higher in the week ended 7 August, according to the Mortgage Bankers Association, amid a 3.5% increase in refinancing and a 1.4% drop in purchases.
Finally, wholesale inventories in the US increased 1.8% month-on-month earlier to $895.4bn in June, slightly below initial estimates for a reading of a 1.9% rise and following a 1.9% gain in May. June's increase marked the 23rd straight month of gains, with durable goods stocks up 2% and nondurables up 1.4%.
In terms of earnings, Jack in the Box Q3 earnings missed estimates, with a quarterly EPS of $1.38, while Wendy's reported a squeeze from inflation throughout the quarter as margins fell short of expectations.
After the close, Walt Disney revealed that subscriber growth had blown past estimates, helping the entertainment giant best expectations for both the top and bottom line.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Walt Disney Co. (DIS) $112.43 3.98%
Salesforce.Com Inc. (CRM) $188.61 3.50%
Goldman Sachs Group Inc. (GS) $347.91 3.35%
Nike Inc. (NKE) $113.14 2.75%
Apple Inc. (AAPL) $169.24 2.62%
JP Morgan Chase & Co. (JPM) $118.39 2.61%
Boeing Co. (BA) $169.02 2.53%
Caterpillar Inc. (CAT) $190.73 2.52%
Dow Chemical Co. (DOW) $54.04 2.50%
Intel Corp. (INTC) $35.37 2.46%
Dow Jones - Fallers
Merck & Co. Inc. (MRK) $89.19 -0.37%
Honeywell International Inc. (HON) $0.00 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Unitedhealth Group Inc. (UNH) $537.72 0.09%
Walmart Inc. (WMT) $129.14 0.21%
Chevron Corp. (CVX) $155.82 0.26%
Johnson & Johnson (JNJ) $170.67 0.29%
Verizon Communications Inc. (VZ) $44.84 0.36%
McDonald's Corp. (MCD) $261.36 0.50%
Visa Inc. (V) $212.10 0.88%
S&P 500 - Risers
Bread Financial Holdings, Inc. (BFH) $43.91 15.31%
H&R Block Inc. (HRB) $45.47 15.29%
Norwegian Cruise Line Holdings Ltd (NCLH) $13.56 12.07%
Royal Caribbean Cr (RCL) $41.68 9.77%
Carnival Corp. (CCL) $10.34 9.19%
Svb Financial Group (SIVB) $452.24 7.74%
Qorvo, Inc. (QRVO) $109.01 6.63%
Netflix Inc. (NFLX) $244.11 6.16%
Discover Financial Services (DFS) $107.96 5.99%
Albemarle Corp. (ALB) $259.16 5.98%
S&P 500 - Fallers
CME Group Inc. (CME) $198.65 -2.12%
Dollar Tree Inc (DLTR) $165.97 -1.76%
Ralph Lauren Corp (RL) $95.52 -1.29%
Entergy Corp. (ETR) $118.19 -1.25%
Wynn Resorts Ltd. (WYNN) $65.35 -1.03%
Vertex Pharmaceuticals Inc. (VRTX) $295.77 -1.02%
Hershey Foods Corp. (HSY) $226.46 -0.80%
Sysco Corp. (SYY) $81.72 -0.75%
Atmos Energy Corp. (ATO) $114.47 -0.70%
Tyson Foods Inc. (TSN) $79.36 -0.70%
Nasdaq 100 - Risers
Mercadolibre Inc. (MELI) $1,064.23 6.90%
Netflix Inc. (NFLX) $244.11 6.16%
Nvidia Corp. (NVDA) $180.97 5.92%
Meta Platforms Inc. (META) $178.34 5.82%
Illumina Inc. (ILMN) $227.19 5.77%
Qurate Retail Inc. (QRTEA) $3.72 5.52%
Lam Research Corp. (LRCX) $494.95 5.44%
Applied Materials Inc. (AMAT) $105.05 5.41%
Expedia Group Inc. (EXPE) $109.20 5.35%
Align Technology Inc. (ALGN) $287.81 5.18%
Nasdaq 100 - Fallers
JD.com, Inc. (JD) $55.50 -2.77%
Dollar Tree Inc (DLTR) $165.97 -1.76%
Wynn Resorts Ltd. (WYNN) $65.35 -1.03%
Vertex Pharmaceuticals Inc. (VRTX) $295.77 -1.02%
Trip.com Group Limited (TCOM) $25.36 -0.98%
T-Mobile Us, Inc. (TMUS) $144.84 -0.51%
NortonLifeLock Inc. (NLOK) $24.35 -0.33%
Cerner Corp. (CERN) $94.92 0.00%
Mylan Inc. (MYL) $0.00 0.00%
Maxim Integrated Products Inc. (MXIM) $0.00 0.00%
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