Moderate gains on Wall – Nasdaq and S&P 500 ‘See’ weekly gains

Wall Street’s main indexes ended the week higher, with investors awaiting consumer confidence data from the University of Michigan and the Nasdaq and S&P 500 headed for a fourth straight five-day gain.

Today’s trading is in line with the euphoric mood that has prevailed this week in the US market, following the positive indication from the area of ​​inflationary pressures, i.e. the deceleration of July wholesale prices in the US, which followed the also good news on inflation , with the consumer price index recording an increase in July of 8.5% on an annual basis, against a forecast for 8.7%.

THE producer price index fell 0.5% in relation to June, presenting its first monthly drop since April 2020 of the pandemic, even when the estimate predicted an increase of the order of 0.2%. On a year-on-year basis, producer prices increased in July by 9.8% from a year ago, which is their slowest pace since October 2021.

San Francisco Fed President Mary Daly told the Financial Times it was too early to “declare victory” over US inflation. He pointed out that a 50 basis point rate hike still remains the baseline scenario for the decision to be taken at the Fed’s next monetary policy meeting in September.

“Oi traders are betting 65%, according to Fed Funds futures, on a 50bp rate hike in September. A simple rebound in energy prices could bring the Fed hawks back into the market and change the climate,” Swissquote Bank analyst Ipek Ozkardeskaya said in a note.

Indicators – Statistics

On the board, the industrialist Dow up 0.45% or 145 points to 33,480, the broadest S&P 500 and the technology-weighted adds 0.58% to 4,230 units Nasdaq marks an increase of 0.75% to 12,880 units.

All three pointers see earnings per weekwith the S&P 500 up +1.9% year-to-date and poised for a fourth consecutive 5-day gain, the longest bullish streak since the corresponding period ended November 27, 2020.

So is the Nasdaq, which is up 1.5% so far this week and is also heading for its fourth straight five-week gain, its longest since the corresponding period ended Nov. 5.

From the 30th shares that make up the Dow Jones, 27 are showing gains and only 3 are in negative territory. The biggest gains were recorded by Walt Disney with a “jump” of 2.75%, followed by UnitedHealth Group at +1.27% and Intel at +1.17%. At the bottom of the index is Chevron with losses around 1%.

With a rise of 4%, Rivian I moves even though it announced a loss of 1.7 billion dollars for the second quarter, against a loss of 580 million dollars in the corresponding period last year.

New York-listed Chinese PetroChina, China Life Insurance, Sinopec, Aluminum Corp. of China and China Petroleum & Chemical announced on Friday their intention to exit the Wall Street US stock market, as the US and China struggle to find common ground on how US regulators will scrutinize Chinese business data. However, its shares are moving higher on Friday, in a range of 0.3% to 1.5%.