© Reuters.
Investing.com – Wall Street’s major indexes opened higher on Friday after recent data revealed inflation pressures eased, suggesting that monetary policy tightening by the Federal Reserve was nearing completion, while chip stocks rose as Intel reported gains. Surprise Quarterly.
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stock movement today
It rose 160.77 points, or 0.46%, at the open, to 35,443.49. The S&P 500 index opened up 28.34 points, or 0.62%, at 4,565.75, while it rose 149.72 points, or 1.07%, to 14,199.83 at the opening bell.
Procter & Gamble (NYSE: ) stock rose more than 2.5% after the consumer goods company beat analysts’ earnings and revenue forecasts in the most recent quarter.
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Intel Corporation (NASDAQ:) jumped more than 4% as investors hailed a return to profitability, while Roku (NASDAQ:) rose 16% after beating Wall Street’s earnings expectations.
On the other hand, shares of Ford Motor Co. (NYSE: ) fell about 3.9% despite the automaker beating estimates. The company said its adoption of the electric car is taking longer than expected due to high costs.
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Lucid Motors (NASDAQ:) rose 3.5% to $7.13. While Tesla (NASDAQ:) rose 1.9% to $260. Shares of Alibaba Group Holding Ltd (ADR) rose 3.85% to $99.15.
Wall Street is coming out of a losing session. The Dow Jones M’s slump and drop of 0.7% nearly marks the end of a 13-day winning streak, one not seen since 1987. The S&P 500 and the Nasdaq both ended the session yesterday down about 0.6%.
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Important data
June data for the recently released PCE price index revealed lower inflation. The gauge showed that personal consumption expenditures rose 0.2% month on month, in line with the 0.2% increase expected by economists. Core personal consumption expenditures increased by 4.1% over the same period last year, below the expected 4.2%.
The data just released indicates that the Fed’s policy is somewhat successful in reducing inflation, as the rates came in below expectations on an annual basis and also lower than the previous reading. While it came in accordance with expectations on a monthly basis and less than the previous reading. This indicates that prices are declining as the Fed wants, yet the rates are still far from the 2% target.
This data supports the decline and rise of gold, as it supports the end of the tightening monetary policy. This explains the dollar’s decline on the one hand, and the consolidation of its gains after the release of the data.
The data is of particular interest after the central bank raised interest rates earlier this week in a widely expected move. The Fed targets inflation at 2% annually.
markets now
It rose by 0.58% at $1,957 an ounce.
While spot contracts for gold rose by 0.6% to 1958 dollars.
While it decreased by 0.1%, to record 101,460 points.
It fell by 0.74% to $83.2 a barrel.
While Texas crude fell by 0.67% to $79.55 a barrel.
2023-07-28 13:53:00
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