Dow Jones Industrial: 1.35%
Nasdaq Comp.: 1.27%
S&P 500: 1.39%
LONDON (SHARECAST) - The main US equity benchmarks are holding higher following the release of slightly worse than expected producer price data this morning and clearly weaker than expected readings in the University of Michigan´s latest consumer confidence survey for the month of June.
Of interest, according to analysts the first faint signs of food price inflation may be apparent following on the back of the recent rises in international commodity prices.
Meanwhile, and on the company front, shares of JP Morgan are now rising by over 6% after announcing its second quarter results. The bank´s net profits have come in at $4.96bn, down from $5.43bn a year earlier, well ahead of analysts´ expectations. Nevertheless, the firm did revise its first quarter results lower. Even so, investors appear to be cheering the chief executive´s claim that the bank will still achieve record profits this year.
Wells Fargo´s stock price has turned around and is now higher after an initially slightly negative reaction in pre-open trading.
Lexmark is down sharply after having issued a profit warning.
Food inflation pops back up on radar?
Producer prices rose by 0.1% month-on-month in June, versus the -0.5% forecast by the consensus. At the core level however they registered an increase of 0.2% month-on-month, as expected.
Analysts at Barclays had this to say about today´s price data: “Taken alongside a 1.0% increase in food prices at the intermediate level, it suggests that food price inflation has stabilized following recent declines and hints at the first signs that recent sharp gains in some agricultural commodity prices may be beginning to pass through the supply chain. Excluding food and energy, the core PPI rose 0.2%, in line with our forecast and the consensus and the fourth consecutive two-tenth gain.
The University of Michigan´s preliminary consumer confidence survey for the month of July has come in at 72 points, versus 73.2 for the month before (Consensus: 73.4).
The expectations sub-index dropped to 64 points after the previous month´s reading of 67.8.
Treasuries slightly lower
10 year US Treasuries are now falling by 6/32 dollars, with yields at 1.50%.
Front month West Texas crude futures are now rising by 1.148 dollars to the $87.08/barrel level on the NYMEX.
S&P 500 - Risers
JP Morgan Chase & Co. (JPM) $36.13 +5.94%
Citigroup Inc. (C) $26.45 +4.34%
Tenet Hlthcre Corp. (THC) $5.07 +4.32%
American International Group Inc. (AIG) $31.74 +4.17%
SunTrust Banks Inc. (STI) $24.68 +3.96%
Newfield Exploration Co (NFX) $30.17 +3.89%
Abercrombie & Fitch Co. (ANF) $34.83 +3.85%
Morgan Stanley (MS) $14.05 +3.65%
Cabot Oil & Gas Corp. (COG) $40.39 +3.64%
Genworth Financial Inc. (GNW) $5.26 +3.64%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $36.13 +5.94%
Procter & Gamble Co. (PG) $65.34 +2.57%
United Technologies Corp. (UTX) $73.61 +2.46%
Bank of America Corp. (BAC) $7.71 +2.39%
Microsoft Corp. (MSFT) $29.21 +2.03%
Boeing Co. (BA) $73.09 +1.92%
Cisco Systems Inc. (CSCO) $16.28 +1.91%
Intel Corp. (INTC) $25.17 +1.74%
American Express Co. (AXP) $57.90 +1.70%
General Electric Co. (GE) $19.76 +1.65%
Dow Jones I.A - Fallers
Hewlett-Packard Co. (HPQ) $18.93 -2.17%
Nasdaq 100 - Risers
Dish Network Corp. (DISH) $27.28 +3.69%
Foster Wheeler AG (FWLT) $16.15 +3.46%
Celgene Corp. (CELG) $65.10 +3.42%
Expedia Inc. (EXPE) $45.35 +2.92%
Cognizant Technology Solutions Corp. (CTSH) $56.89 +2.78%
J.B. Hunt Transport Services Inc. (JBHT) $59.54 +2.64%
Express Scripts Holding Co (ESRX) $57.24 +2.59%
Infosys Technologies Ltd. (INFY) $39.75 +2.58%
Virgin Media Inc. (VMED) $24.77 +2.52%
Urban Outfitters Inc. (URBN) $29.10 +2.50%
Nasdaq 100 - Fallers
Research in Motion Ltd. (RIMM) $7.30 -1.68%
Apollo Group Inc. (APOL) $31.55 -1.36%
Logitech International S.A. (LOGI) $9.62 -1.03%
Wynn Resorts Ltd. (WYNN) $95.95 -0.83%
Warner Chilcott Plc (WCRX) $18.16 -0.49%
Sears Holdings Corp. (SHLD) $53.41 -0.13%
Stericycle Inc. (SRCL) $92.44 -0.10%
LONDON (SHARECAST) - The main US equity benchmarks are holding higher following the release of slightly worse than expected producer price data this morning and clearly weaker than expected readings in the University of Michigan´s latest consumer confidence survey for the month of June.
