New York: US stock Rises on Tuesday, helped by optimism ahead of key inflation reports JP Morgan And other financial stocks advanced ahead of earnings later this week.
Investors are looking for further clues about whether pricing pressures are easing and whether the Federal Reserve is nearing the end of its interest rate hike cycle.
US consumer price data is due on Wednesday, while the producer price report is due on Thursday. Several Fed officials said this week that the central bank will need to raise rates further to curb inflation, but the end of its tightening cycle is drawing closer.
Shares of JPMorgan Chase & Co rose 1.6% after Jefferies upgraded the stock to “buy” ahead of the upcoming bank’s quarterly results on Friday.
Reports from JPMorgan and other big banks later this week are expected to unofficially kick start the second quarter reporting period. The S&P Banking Index rose 1.5%.
Energy stocks soared as oil prices rose sharply.
“It’s nice to see the market expand ahead of earnings here,” said Tim Griskey, senior portfolio strategist at Ingalls & Snyder in New York.
“We have a lot of data that’s going to come in here … and third quarter expectations are also a concern in terms of any guidance the companies will provide on the earnings call.”
The S&P 500 is up 15.6% so far this year, with technology up 40% during that period.
Dow Jones The industrial average rose 317.02 points, or 0.93%, to 34,261.42, the S&P 500 rose 29.73 points, or 0.67%, to 4,439.26 and nasdaq The Composite rose 75.22 points, or 0.55%, to 13,760.70.
wall Street Banks are expected to post higher profits in the second quarter as higher interest payments offset the shortfall in dealmaking.
Shares of video game maker Activision Blizzard, one of the S&P 500’s biggest gainers on the day, rose 10% after a US judge ruled that Microsoft could continue with its planned acquisition of the “Call of Duty” game maker. can proceed.
Shares of Salesforce rose 3.9% after the cloud services firm said it would raise the prices of some of its cloud and marketing tools, the first time in seven years.
In addition, shares of Amazon.com rose 1.3% this week with its “Prime Day” 48-hour discount shopping event underway.
Volume on US exchanges stood at 9.97 billion shares compared to an average of 11.1 billion for the entire session over the past 20 trading days.
Advancing issues outnumber declining issues on the NYSE by a 3.65-to-1 ratio; On the Nasdaq, a 1.82-to-1 ratio favored the advancers.
The S&P 500 recorded 51 new 52-week highs and 1 new low; The Nasdaq Composite recorded 91 new highs and 40 new lows.
Investors are looking for further clues about whether pricing pressures are easing and whether the Federal Reserve is nearing the end of its interest rate hike cycle.
US consumer price data is due on Wednesday, while the producer price report is due on Thursday. Several Fed officials said this week that the central bank will need to raise rates further to curb inflation, but the end of its tightening cycle is drawing closer.
Shares of JPMorgan Chase & Co rose 1.6% after Jefferies upgraded the stock to “buy” ahead of the upcoming bank’s quarterly results on Friday.
Reports from JPMorgan and other big banks later this week are expected to unofficially kick start the second quarter reporting period. The S&P Banking Index rose 1.5%.
Energy stocks soared as oil prices rose sharply.
“It’s nice to see the market expand ahead of earnings here,” said Tim Griskey, senior portfolio strategist at Ingalls & Snyder in New York.
“We have a lot of data that’s going to come in here … and third quarter expectations are also a concern in terms of any guidance the companies will provide on the earnings call.”
The S&P 500 is up 15.6% so far this year, with technology up 40% during that period.
Dow Jones The industrial average rose 317.02 points, or 0.93%, to 34,261.42, the S&P 500 rose 29.73 points, or 0.67%, to 4,439.26 and nasdaq The Composite rose 75.22 points, or 0.55%, to 13,760.70.
wall Street Banks are expected to post higher profits in the second quarter as higher interest payments offset the shortfall in dealmaking.
Shares of video game maker Activision Blizzard, one of the S&P 500’s biggest gainers on the day, rose 10% after a US judge ruled that Microsoft could continue with its planned acquisition of the “Call of Duty” game maker. can proceed.
Shares of Salesforce rose 3.9% after the cloud services firm said it would raise the prices of some of its cloud and marketing tools, the first time in seven years.
In addition, shares of Amazon.com rose 1.3% this week with its “Prime Day” 48-hour discount shopping event underway.
Volume on US exchanges stood at 9.97 billion shares compared to an average of 11.1 billion for the entire session over the past 20 trading days.
Advancing issues outnumber declining issues on the NYSE by a 3.65-to-1 ratio; On the Nasdaq, a 1.82-to-1 ratio favored the advancers.
The S&P 500 recorded 51 new 52-week highs and 1 new low; The Nasdaq Composite recorded 91 new highs and 40 new lows.