Stocks Slightly Higher on Mixed US Economic News
The S&P 500, Dow Jones, and Nasdaq 100 all saw slight gains on mixed US economic news. Capital goods orders and personal spending/income data surprised in the positive direction. Inflation concerns eased after core PCE price index data met expectations. Notable stock performances included Walmart being more expensive than Nvidia despite an earnings miss, and SpaceX's stock crashing below its IPO price.
Bitcoin short squeezes boosted MicroStrategy stock. Mixed earnings results came from Intuit and J M Smucker. Mortgage applications fell, while mortgage rates rose. 30-year fixed-rate mortgage averaged 6.78%, up 1 bp. US mortgage data showed personal spending and income outpacing expectations. Core PCE price index rose as expected.
Capital goods orders rose less than expected. Q2 GDP was unchanged. Nvidia's upcoming earnings will indicate AI spending trends. Markets anticipate a 25 bp rate hike at the next FOMC meeting. Euro Stoxx 50, China's Shanghai Composite, and Japan's Nikkei all saw gains. T-notes declined due to strong economic data and upward revisions. European government bond yields rose.
Written by urgent.news from Yahoo Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
