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Wall Street ended higher on Monday to recover from a losing week as investors looked forward to the all-important inflation data to be released later in the week and the upcoming corporate earnings season. All three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.6% or 209.52 points to close at 33,944.40 points, ending its four-day losing streak.
The S&P 500 advanced 0.2% or 10.58 points to finish at 4,409.53 points. Industrials, energy and financial stocks were the best performers.
The Industrials Select Sector SPDR (XLI) rose 1.4%. The Energy Select Sector SPDR (XLE) climbed 0.8%, while the Financials Select Sector SPDR (XLF) gained 0.5%. Seven of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq jumped 0.2% or 24.77 points to end at 13,685.48 points.
The fear-gauge CBOE Volatility Index (VIX) was up 1.62% to 15.07. Advancers outnumbered decliners on the NYSE by a 2.23-to-1 ratio. On Nasdaq, a 2.06-to-1 ratio favored advancing issues. A total of 10.20 billion shares were traded on Monday, lower than the last 20-session average of 11.09 billion.
Markets Await Inflation, Earnings Data
The first week of the second half of 2023 ended lower but investors left behind the losses from last week and started afresh on Monday. The reversal came as they geared up for a series of inflation data that is scheduled to be released later this week.
To being with, the consumer price index report will be released on Wednesday, followed by the producer price index which is due on Thursday.
Stocks struggled to find direction last week following the release of the June jobs reports. The Labor Department said last week that job additions to the U.S. economy slowed in June. However, June also saw robust wage growth. This raised concerns that the Fed might continue to raise interest rates.
Although the Fed halted its interest rate hikes in June for the first time since March 2022, it has said that two more rate hikes of 25 basis points would be required by the end of this year. Investors are now expecting that the first of the hikes could be in July itself.
The inflation report will give a clearer picture of the Fed’s next course of action.
Investors are also gearing up for the earnings season, which is due to unofficially kick off this week with big banks like JPMorgan Chase ((JPM - Free Report) ), Citigroup ((C - Free Report) ) and Wells Fargo ((WFC - Free Report) ) all slated to report their quarterly reports this week. Shares of JPMorgan Chase & Co. rose 0.6% ahead of their earnings. JP Morgan has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
No economic data was released on Monday.
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Stock Market News for Jul 11, 2023
Wall Street ended higher on Monday to recover from a losing week as investors looked forward to the all-important inflation data to be released later in the week and the upcoming corporate earnings season. All three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.6% or 209.52 points to close at 33,944.40 points, ending its four-day losing streak.
The S&P 500 advanced 0.2% or 10.58 points to finish at 4,409.53 points. Industrials, energy and financial stocks were the best performers.
The Industrials Select Sector SPDR (XLI) rose 1.4%. The Energy Select Sector SPDR (XLE) climbed 0.8%, while the Financials Select Sector SPDR (XLF) gained 0.5%. Seven of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq jumped 0.2% or 24.77 points to end at 13,685.48 points.
The fear-gauge CBOE Volatility Index (VIX) was up 1.62% to 15.07. Advancers outnumbered decliners on the NYSE by a 2.23-to-1 ratio. On Nasdaq, a 2.06-to-1 ratio favored advancing issues. A total of 10.20 billion shares were traded on Monday, lower than the last 20-session average of 11.09 billion.
Markets Await Inflation, Earnings Data
The first week of the second half of 2023 ended lower but investors left behind the losses from last week and started afresh on Monday. The reversal came as they geared up for a series of inflation data that is scheduled to be released later this week.
To being with, the consumer price index report will be released on Wednesday, followed by the producer price index which is due on Thursday.
Stocks struggled to find direction last week following the release of the June jobs reports. The Labor Department said last week that job additions to the U.S. economy slowed in June. However, June also saw robust wage growth. This raised concerns that the Fed might continue to raise interest rates.
Although the Fed halted its interest rate hikes in June for the first time since March 2022, it has said that two more rate hikes of 25 basis points would be required by the end of this year. Investors are now expecting that the first of the hikes could be in July itself.
The inflation report will give a clearer picture of the Fed’s next course of action.
Investors are also gearing up for the earnings season, which is due to unofficially kick off this week with big banks like JPMorgan Chase ((JPM - Free Report) ), Citigroup ((C - Free Report) ) and Wells Fargo ((WFC - Free Report) ) all slated to report their quarterly reports this week. Shares of JPMorgan Chase & Co. rose 0.6% ahead of their earnings. JP Morgan has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
No economic data was released on Monday.