S&P 500 Climbs as 90% of Its Shares Push Higher Today
Consumer sentiment falls to eight-month low, inflation eases
Producer prices rise slightly more than forecast on margins
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Market wraps:
About 90% of the shares in the S&P 500 rose Friday. The index wiped out its previous session’s slide — heading toward a 38th record this year, via Bloomberg#stockmarket #fintech pic.twitter.com/Sv3cy5rTMy— The_Journalbiz (@the_journalbiz) July 12, 2024
Bloomberg chart, stocks
About 90% of the shares in the S&P 500 rose Friday. The index wiped out its previous session’s slide — heading toward a 38th record this year. Tech megacaps rebounded, and smaller firms kept climbing. Banks underperformed at the start of the US earnings season, with results from Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. failing to fuel industry momentum.
Equity traders brushed off a weak reading on consumer sentiment to focus on prospects for rate cuts that could ultimately benefit Corporate America. Data also showed producer prices climbed slightly more than forecast — but categories used to calculate the Fed’s preferred inflation measure, the personal consumption expenditures price index, were not so bad.
The S&P 500 rose to 5,650, It was set for its 10th weekly gain in 12 weeks. The Nasdaq 100 added almost 1.5%. The Dow Jones Industrial Average topped 40,000. Nvidia Corp. led gains in big tech. Tesla Inc. rallied a day after tumbling over 8%. The Russell 2000 of small caps was on track for its best week since November.
