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U.S. stocks are falling as investors await inflation report for July

AuthorLiz Moyer
Published 08/08/2023, 08:38 PM
Updated 08/09/2023, 11:19 AM
© Reuters.

Investing.com -- U.S. stocks wobbled were falling on Wednesday as more corporate earnings rolled out. Entertainment giant Walt Disney is expected to report after the closing bell.

By 11:17 ET (15:17 GMT), the Dow Jones Industrial Average was down 102 points or 0.3, while the S&P 500 was down 0.5% and the NASDAQ Composite was down 1.2%.

The benchmark Wall Street indices recorded a down day on Tuesday, pressured by losses in the banking sector after Moody’s rating agency cut its rating of 10 midsized lenders, citing concerns over sluggish deposits, elevated funding costs, and risks to commercial real estate assets.

The blue-chip Dow Jones Industrial Average fell just over 150 points or 0.5%, the tech-heavy Nasdaq Composite slumped 0.8%, and the broad-based S&P 500 dropped 0.4%.

Disney offers the day’s earnings highlight

The quarterly corporate earnings season remains in focus, with quarterly results from Walt Disney (NYSE:DIS) the day’s highlight, scheduled to be released after the close.

The media conglomerate is expected to face tough questions over recent box office failures, while its TV division, which once financed high-profile mergers, has struggled to entice lucrative advertisers, and its streaming unit is not projected to make a profit until next year.

Penn Entertainment (NASDAQ:PENN) stock rose over 8% after the online bettor signed a $2 billion deal with ESPN sports network, with Penn rebranding its U.S. sports betting portals, currently known as Barstool Sportsbook, as ESPN Bet.

Amazon (NASDAQ:AMZN) dipped almost 2% following a Reuters report that the online e-commerce giant is in negotiations over joining a number of other technology firms as an anchor investor in Softbank-owned chip designer Arm's planned initial public offering.

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Fed speakers hint at rate-hiking pause

There’s little in the way of tier one economic data due for release Wednesday, with Thursday’s release of the latest U.S. consumer inflation data the week’s clear highlight.

Ahead of that Philadelphia Fed President Patrick Harker suggested on Tuesday that interest rates are high enough already, echoing the view of Atlanta Fed President Raphael Bostic.

Crude rebounds after weak Chinese inflation data

Oil prices rebounded after early losses Wednesday, helped by the wider boost to risk sentiment.

The market retreated earlier Wednesday after the release of weak inflation data raised further concerns about the health of the Chinese economy, the world's largest oil importer.

(Peter Nurse and Oliver Gray contributed to this item.)

Latest comments

Stop calling them investors. Investrors invest in future not in today.
It took about a dozen Rag Heads to hijack a bunch of Planes with some Box Cutters and some of you folks think a Nuclear Armed China is no big deal. Well, Taiwan is a diversion to move our ships west while the CCP ships are moving East. And the Ukraine War is another Diversion to fire up the NATO Drag Queen Military Alliance to focus on Russia. Check Mate for the US to lose these conflicts is very close. Google GEN Billy Mitchell and Pearl Harbor. Gotta see past the Haze Folks, Later, Rufus.
"18% cut in oil Imports to China since Jan 2023. 18%!!! Bad Sign. China now has enough oil reserve to conduct a War with the U.S. My guess is an Invasion of the "Left Coast" of the United States. Their Navy is now larger than the US, with more ships coming. Big Cities are targeted. Taking out the Comand & Control Infrastructure will be done first. Confusing and Mayhem will be next. Later, Rufus .... Biden Sucks!
Let me know ur dealer number pls
That's proof that you're militarily ignorant.  The CCP gonna take the longer route to attack the US on the Atlantic side because it wants the US Pacific fleet to be able to retaliate easily, smh.
WTI crude going up, up, up. Inflation surge round 2 ready to begin. 7% terminal rate possible. Shouldn't have angered the Saudis.
Moody and Fitch will soon be taking a ride in the Trunk with Vito and Carmine. Lots of powerful people don't like it when small fish start spreading "Misinformation" about the Markets. They should keep their Opinions to themselves and let the Markets work things out on their own. Later, Rufus.
It does not matter if inflation is high or not, debt is at record levels, jobs report was a miss, mortgage rates are above 7%, 90% of Americans think the economy is doing terrible, election is coming up, Biden is likely to be impeached soon. No matter what the YoY inflation numbers are every indication indicates Fed is going to have to keep rates high.
I wish it wasn't true, but I have to agree 100%.
Can't beat this comedy in the laughingstock of the investing world.  400+ points in losses magically vanish intraday over the last two "trading" sessions, as Wall Street laughs in the face of the US working class as they criminally manipulate this JOKE of a "market" in broad daylight.  Assume the proper position America.
As Chad & Co bends the market ☠️☠️
"Bidenomics", the U.S. Now Has: 1. Record $17.1 trillion in household debt 2. Record $12.0 trillion in mortgages 3. Record $1.6 trillion in auto loans 4. Record $1.6 trillion in student loans 5. Record $1.0 trillion in credit card debt Total mortgage debt is now more than double the 2006 peak. Meanwhile, 36% of Americans have more credit card debt than savings while student loan payments are set to resume for the first time since 2020. This is all while mortgage rates just hit 7.1% and credit card debt rates hit a record 25%. We are "fighting" inflation with debt.
“Bidenomics” in action: Credit card debt above $1 trillion for the first time in history. Hardship withdrawals from 401ks have surged 36% from last year. The US debt rating was decreased last week for the first time in US history, at the same time that Russia economy announced 5.6% YoY growth.
Another miraculous intraday "reversal."  Remarkable how the laughingstock of the financial world doesn't tank during a criminally manufactured "rally."  Manipulated JOKE.
inflation is not even remotely close to where it needs to be... dont believe the lie
US inflation rate has trending down for about a year.
I love when democrats say something so dumb. The house is only burning a little slower. The house is still on 🔥
Inflation is going to be lower and the market will close 300 points up.
It appears from the sell-off that investors have already decided inflation will increase.
Positive news, hedgies are selling to push out margined bulls. Will bounce back hard later today or later in the week.
Or later next month
Bostic is not a voting FOMC member.
What, the report of lies and deception. Come on manipulators.
if investors are waiting for inflation numbers, why market is falling, let it wait . lol
"Bidenomics", the U.S. Now Has: 1. Record $17.1 trillion in household debt 2. Record $12.0 trillion in mortgages 3. Record $1.6 trillion in auto loans 4. Record $1.6 trillion in student loans 5. Record $1.0 trillion in credit card debt Total mortgage debt is now more than double the 2006 peak. Meanwhile, 36% of Americans have more credit card debt than savings while student loan payments are set to resume for the first time since 2020. This is all while mortgage rates just hit 7.1% and credit card debt rates hit a record 25%. We are "fighting" inflation with debt.
None of that matters. Market will always go go. Buffet said, never bet against america
Market is dead
Jerome said almost a year ago 2023 eoy would be 5.75
2 more interest rate hikes of 25bps each. 6% terminal rate. Plateau of 12-14 months before pivot.
Not a chance, the data suggests the current rates are having the desired effect. More hikes would tank the economy.
Gary. Are you tracking the price of crude and considering it's impact?
Investors? All they follow bellwether so the jigsaw we have on NASDAQ chart.
According to the Cleveland Nowcast. CPI and Core CPI for July were at .4 compared to .2 for June. If the market doesn't sell tomorrow, I'll be a monkeezazz.
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