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US open: Stocks higher following PPI reading, Q2 bank earnings
(Sharecast News) - Major indices were in the green earlier on Wednesday as traders digested more bank earnings and another key inflation report. As of 1455 BST, the Dow Jones Industrial Average was 0.31% at 44,160.93, while the S&P 500 advanced 0.14% to 6,252.74 and the Nasdaq Composite came out of the gate 0.02% firmer at 20,682.70.
The Dow opened 137.64 points higher on Wednesday, taking a bite out of losses recorded in the previous session as market participants thumbed over mixed Q2 bank earnings and June's consumer price index.
Wednesday's primary focus looked set to be June's producer price index, which revealed annual PPI fell 2.3% year-on-year in June to the lowest level seen since September 2024, according to the Bureau of Labor Statistics, compared to an upwardly revised 2.7% increase in May and below forecasts of a 2.5% increase.
On a monthly basis, however, producer prices were flat against May's upwardly revised 0.3% increase, ahead of the 0.2% increase expected by economists. Services prices were down 0.1%, while goods prices rose 0.3% month-on-month. So-called core PPI was unchanged in June, compared to forecasts of a 0.2% rise, while the annual core rate fell to 2.6% from 3.2%, below expectations of a 2.7% increase.
June's PPI reading follows Tuesday's consumer price index, which revealed that inflation seemingly moved further away from the central bank's 2% target in June as the impact of Donald Trump's so-called "reciprocal" tariffs began to be felt throughout the US economy.
Elsewhere on the macro front, US mortgage applications fell by 10% in the week ended 11 July, according to the Mortgage Bankers Association of America, more than reversing the prior week's 9.4% to register the sharpest decline in almost three months as benchmark mortgage rates increased by five basis points. Applications to refinance a mortgage sank by 12% week-on-week, while applications to purchase a home 7%.
On another note, US capacity utilisation edged up to 77.6% in June, up from a revised 77.5% reading in May and beating market expectations of 77.4%, according to the Federal Reserve, while industrial production increased 0.7% year-on-year in June, the same as an upwardly revised 0.7% increase in May.
In the corporate space, Bank of America beat quarterly profit estimates on the back of a bigger loan book and robust trading, while Goldman Sachs also posted a big earnings beat thanks to solid equities trading, and Morgan Stanley posted a 15% increase in quarterly profits as its wealth and trading divisions carried it to its best Q2 on record.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
International Business Machines Corporation (CDI) (IBM) $282.70 0.00% Verizon Communications Inc. (VZ) $41.26 0.00% Procter & Gamble Co. (PG) $152.68 0.00% Dow Chemical Co. (DOW) $27.99 0.00% Visa Inc. (V) $347.02 0.00% Coca-Cola Co. (KO) $69.36 0.00% Amgen Inc. (AMGN) $292.50 0.00% JP Morgan Chase & Co. (JPM) $286.55 0.00% American Express Co. (AXP) $310.65 0.00% Cisco Systems Inc. (CSCO) $67.18 0.00%
Dow Jones - Fallers
American Express Co. (AXP) $310.65 0.00% Cisco Systems Inc. (CSCO) $67.18 0.00% Merck & Co. Inc. (MRK) $81.52 0.00% Caterpillar Inc. (CAT) $404.64 0.00% Microsoft Corp. (MSFT) $505.82 0.00% Dow Chemical Co. (DOW) $27.99 0.00% Visa Inc. (V) $347.02 0.00% Unitedhealth Group Inc. (UNH) $291.71 0.00% Home Depot Inc. (HD) $358.64 0.00% Dowdupont Inc. (DWDP) $0.00 0.00%
S&P 500 - Risers
Wells Fargo & Co. (WFC) $78.86 0.00% Harley-Davidson Inc. (HOG) $24.00 0.00% Morgan Stanley (MS) $141.59 0.00% American Express Co. (AXP) $310.65 0.00% Foot Locker Inc. (FL) $24.89 0.00% Transdigm Group Inc. (TDG) $1,575.57 0.00% Arista Networks Inc. (ANET) $107.37 0.00% KLA-Tencor Corp. (KLAC) $936.53 0.00% Sysco Corp. (SYY) $76.37 0.00% Eaton Corporation plc (ETN) $362.11 0.00%
S&P 500 - Fallers
Alexion Pharmaceuticals Inc. (ALXN) $0.00 0.00% International Flavors & Fragrances Inc. (IFF) $73.65 0.00% ONEOK Inc. (OKE) $79.94 0.00% AvalonBay Communities Inc. (AVB) $199.48 0.00% Constellation Brands Inc. Class A (STZ) $165.99 0.00% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $473.78 0.00% Under Armour, Inc. (UA) $6.39 0.00% QUALCOMM Inc. (QCOM) $154.30 0.00% Unitedhealth Group Inc. (UNH) $291.71 0.00% FedEx Corp. (FDX) $230.66 0.00%
Nasdaq 100 - Risers
Dollar Tree Inc (DLTR) $106.55 0.00% Take-Two Interactive Software Inc. (TTWO) $237.70 0.00% Charter Communications Inc. (CHTR) $383.33 0.00% Booking Holdings Inc. (BKNG) $5,675.53 0.00% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $473.78 0.00% Biogen Inc (BIIB) $127.50 0.00% JD.com, Inc. (JD) $32.04 0.00% Citrix Systems Inc. (CTXS) $103.90 0.00% Shire Plc Ads (SHPG) $0.00 0.00% Celgene Corp. (CELG) $0.00 0.00%
Nasdaq 100 - Fallers
Regeneron Pharmaceuticals Inc. (REGN) $547.96 0.00% Wynn Resorts Ltd. (WYNN) $111.00 0.00% Walgreens Boots Alliance, Inc. (WBA) $11.51 0.00% Comcast Corp. (CMCSA) $34.72 0.00% Starbucks Corp. (SBUX) $92.48 0.00% Broadcom Inc. (AVGO) $280.94 0.00% Dish Network Corp. (DISH) $5.77 0.00% Xilinx Inc. (XLNX) $0.00 0.00% Meta Platforms Inc. (META) $710.39 0.00% Check Point Software Technologies Ltd. (CHKP) $218.77 0.00%
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