US: Stocks edge higher ahead of inflation data
WALL Street stocks finished modestly higher Monday (Jul 10) as markets looked ahead to critical inflation data and major earnings announcements later in the week.
“There is a bit of indecision,” said Angelo Kourkafas of Edward Jones, describing a “waiting game” for Wednesday’s consumer price index data, a key input for Federal Reserve policy.
Kourkafas said the market was still in a “digestion” phase following the strong first half of 2023, but noted that stocks could be poised for further gains if US economic data remains good.
The Dow Jones Industrial Average finished up 0.6 per cent at 33,944.40.
The broad-based S&P 500 added 0.2 per cent at 4,409.53, while the tech-rich Nasdaq Composite Index also climbed 0.2 per cent to 13,685.48.
Besides the consumer price data, this week’s calendar includes reports from JPMorgan Chase and other large banks, as well as from Delta Air Lines and PepsiCo.
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Banking shares were mixed Monday as Federal Reserve vice chair Michael Barr proposed raising capital requirements for large and mid-sized US banks following the failure of three mid-sized banks earlier this year.
KeyCorp and Huntington Bancshares fell, while Comerica and Regions Financial advanced.
Among other companies, chemical manufacturing company FMC fell 11.2 per cent as it cut its profit and revenue forecast due to a drop in inventories of insecticides and other agricultural products by customers.
Despite this dynamic, FMC said consumption of its products remained strong. AFP
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