US close: Stocks higher as traders sift through data
Wall Street finished higher on Thursday, on the back of generally upbeat readings on the economy and ahead of the release of the all-important monthly US jobs report which was due out on the next day.
Dow Jones I.A.
40,003.59
04:30 15/10/20
Nasdaq 100
18,546.23
12:15 17/05/24
The Dow Jones Industrial Average was up 0.25% at 21,948.10, the S&P 500 finished 0.57% firmer at 2,471.65 and the Nasdaq 100 was 0.94% stronger at 5,988.60.
However, readings on a key inflation index underwhelmed most analysts on the Street, with potential implications for the monetary policy outlook.
The year-on-year rate of gains in the 'core' deflator for personal consumption expenditures slipped from 1.5% in June to 1.4% for last month.
“With earnings remaining subdued – albeit on a slightly positive trajectory this year – I’m not sure we’re seeing enough to convince already uncertain policy makers that the current pace of tightening is appropriate,” said Oanda senior market analyst Craig Erlam.
“The December meeting – the most likely timing for the final rate hike this year – is fast approaching and without an improvement in the inflation and income data soon, it may well pass with rates unchanged and expectations going forward much lower."
On the economic front, Market News International's Chicago PMI for August printed at 58.9, pointing to unchanged levels of activity in that area of the country.
That was slightly ahead of forecasts for a dip to 58.3.
The National Association of Realtors' pending home sales index for July dropped by 0.8% on the month, compared to a consensus for 0.3%.
Initial US unemployment claims for the week ending on 31 August rose by 1,000 to 236,000, against a consensus for 235,000.
After the deluge of data on Thursday, the next big focus will be Friday's non-farm payrolls report as investors look for clues on hiring, wages and potential inflation pressures.
Shares of Campbell Soup were on the back foot, losing 8.06% after the New Jersey-based outfit posted a weaker than expected bottom-line amid falling sales.
The Dow Jones Industrial Average was up 0.25% at 21,948.10, the S&P 500 finished 0.57% firmer at 2,471.65 and the Nasdaq 100 was 0.94% stronger at 5,988.60.
However, readings on a key inflation index underwhelmed most analysts on the Street, with potential implications for the monetary policy outlook.
The year-on-year rate of gains in the 'core' deflator for personal consumption expenditures slipped from 1.5% in June to 1.4% for last month.
“With earnings remaining subdued – albeit on a slightly positive trajectory this year – I’m not sure we’re seeing enough to convince already uncertain policy makers that the current pace of tightening is appropriate,” said Oanda senior market analyst Craig Erlam.
“The December meeting – the most likely timing for the final rate hike this year – is fast approaching and without an improvement in the inflation and income data soon, it may well pass with rates unchanged and expectations going forward much lower."
On the economic front, Market News International's Chicago PMI for August printed at 58.9, pointing to unchanged levels of activity in that area of the country.
That was slightly ahead of forecasts for a dip to 58.3.
The National Association of Realtors' pending home sales index for July dropped by 0.8% on the month, compared to a consensus for 0.3%.
Initial US unemployment claims for the week ending on 31 August rose by 1,000 to 236,000, against a consensus for 235,000.
After the deluge of data on Thursday, the next big focus will be Friday's non-farm payrolls report as investors look for clues on hiring, wages and potential inflation pressures.
Shares of Campbell Soup were on the back foot, losing 8.06% after the New Jersey-based outfit posted a weaker than expected bottom-line amid falling sales.
Dollar General was also moving lower, softening 5.43% as investors marked down its shares after the discount retailer guided towards full-year earnings per share of between $4.35 to $4.50.
was also moving lower, softening 5.43% as investors marked down its shares after the discount retailer guided towards full-year earnings per share of between $4.35 to $4.50.
Nasdaq 100 - Risers
Mercadolibre Inc. (MELI) $258.47 4.75%
Biogen Inc (BIIB) $316.56 4.22%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $221.01 3.48%
Expedia Inc. (EXPE) $148.36 3.43%
Celgene Corp. (CELG) $138.93 3.42%
Hasbro Inc (HAS) $98.25 3.12%
Gilead Sciences Inc. (GILD) $83.71 3.05%
Mylan Inc. (MYL) $31.48 2.91%
Biomarin Pharmaceutical Inc. (BMRN) $90.19 2.90%
Alexion Pharmaceuticals Inc. (ALXN) $142.25 2.86%
Nasdaq 100 - Fallers
Ctrip.Com International Ltd. Ads (CTRP) $51.45 -2.41%
Mondelez International Inc. (MDLZ) $40.66 -2.33%
Western Digital Corp. (WDC) $88.27 -2.25%
Viacom Inc. Class B (VIAB) $28.60 -1.82%
Kraft Heinz Co. (KHC) $80.75 -1.44%
O'Reilly Automotive Inc. (ORLY) $196.13 -0.99%
J.B. Hunt Transport Services Inc. (JBHT) $98.89 -0.89%
Applied Materials Inc. (AMAT) $45.12 -0.77%
Incyte Corp. (INCY) $137.41 -0.62%
Liberty Global Plc Lilac Class A (LILA) $26.01 -0.54%