2023-07-12 20:10:55
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Investing.com — U.S. stocks rallied following the June inflation report came in lower than expected. Fueling hopes that the Federal Reserve is nearing the end of raising interest rates.
As of 10:00 ET (14:00 GMT), it was up 262 points, or 0.8%, while it was up 0.9% and up 1.2%.
June Inflation Boosts Hopes of End of Rate Hike
Consumer prices dropped in June. add hope that will reach the end of the rate hike earlier than scheduled But it is still expected to rise another 0.25 percent when it meets in July.
in the United States rose at a slower rate than expected last month. The Bureau of Labor Statistics said it was up 3.0% annually, down from 4.0% in May. Economists had forecast a 3.1% increase.
which is the lowest level in more than two years. And a sharp slowdown from 9.1% in June last year.
The monthly gain was 0.2%, up from 0.1% the previous month. expected at 0.3%.
Coming soon: Beige Book and manufacturer prices
Inflation raises hopes that interest rate hikes will end soon. The Dow is doing its best weekly performance since March.
It’s due out on Thursday morning.
Today the Fed will launch which is a survey of banks in their area This report breaks down economic and financial trends across the country.
Microsoft stock jumps following Activision deal gets green light
Microsoft Corporation (NASDAQ:) shares rose 2.2% following a federal judge ruled that the company might close its acquisition of Activision Blizzard (NASDAQ:) early next week. Federal competition regulators have tried to block the deal for antitrust reasons.
Bank stocks were in the headlines this week following the earnings season kicked off on Friday. Starting with reports from JPMorgan (NYSE:), Citigroup (NYSE:) and Wells Fargo (NYSE: ), JPMorgan rose nearly 1% in Wednesday trading. Analysts are listening to what executives have to say regarding their business and consumer spending trends.
Oil edged up 1.3% to $75.84 a barrel, while it gained 1% to $80.20 a barrel, gaining 1.2% to $1,959.
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