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Stock market today: US stocks rise to records ahead of key June inflation report

Jul 8, 2024, 21:07 IST
Business Insider
ANGELA WEISS/Getty
  • US stocks jumped to record highs ahead of key economic data releases this week.
  • Investors are awaiting the June CPI and PPI reports to gauge inflation trends and the Fed's response.
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US stocks jumped to record highs on Monday ahead of key economic data scheduled for this week.

Investors will be keenly focused on the June consumer price index report on Thursday, with Core CPI expected to rise 3.1% year-over-year, compared to May's CPI report of 3.3%.

More inflation data will be released on Friday with the release of the June PPI report, which is expected to rise 0.1% on a month-over-month basis.

The new inflation data will help inform investors and the Federal Reserve about the path of interest rates for the rest of this year. Current market forecasts suggest the Fed's September FOMC meeting will bring the first rate cut.

The week is also filled with Fed speakers, with Fed Chairman Jerome Powell set to testify to Congress on Tuesday and Wednesday, along with several speeches from Fed Governors.

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Finally, earnings season kicks off this week, with top US banks JPMorgan, Wells Fargo, and Citigroup set to release their second-quarter results before the market opens on Friday.

With the S&P 500 and Nasdaq 100 indexes trading at record highs, technical analyst Katie Stockton of Fairlead Strategies believes the gains can continue.

"The SPX completed a breakout from a flag pattern on Friday as positive short-term momentum lifted it out of its consolidation phase. The breakout allows for a measured move projection of about 5755 for this summer, suggesting the market may continue to shrug off seasonal 'doldrums," Stockton said in a Monday note to clients.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:

Here's what else is going on today:

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In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil dropped 0.81% to $82.49 a barrel. Brent crude, the international benchmark, was lower by 0.60% to $86.02 a barrel.
  • Gold edged lower by 0.68% to $2,381.30 per ounce.
  • The 10-year Treasury yield was flat at 4.29%.
  • Bitcoin jumped 2.36% to $57,187.
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