Stock Market Rises on Cooling Inflation Data
July CPI Lower Than Expected… September Rate Cut Anticipated
Besunt: “The Fed may cut rates by up to 1.75%, starting with a significant cut in September.”
US Treasury Bond Yields Fall… 10-Year Yield Down 7bp, 2-Year Down 5bp
Focus on July PPI and retail Sales Data, Expected in 14-15 days
The three major indexes of the New York Stock Market are up in early trading on August 13th.Yesterday’s release of the July Consumer Price Index (CPI) came in lower than expected,easing inflation concerns and boosting expectations for the US Federal Reserve (FED). US government bond yields are also falling sharply.
Reuters Yonhap News
As of 10:31 am in the New York stock market, the dow Jones 30 Industrial Average (Dow), focused on blue-chip companies, is at 44,475.10, up 291.49 points (0.66%) from the previous trading day. The S&P 500 index, centered on large-scale stocks, rose 14.44 points (0.22%) to 6460.2, and the NASDAQ index, focused on technology stocks, is trading at 22,721.237, up 39.332 points (0.18%).Both the S&P 500 and Nasdaq indexes have hit new highs, rewriting record prices.
By stock, AMD has soared 5.72%. Apple is up 1.14%. NVIDIA is down 1.03%. Kaba Group, a restaurant chain, plummeted 16.66% after its annual earnings declaration. The Russell 2000 Index, comprised of small-cap stocks…