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U.S. Stocks Bounce Ahead of This Week's Inflation Number

Stock Markets Aug 08, 2022 09:44AM ET
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By Liz Moyer

Investing.com -- U.S. stocks traded higher as investors look forward to this week’s consumer price index report for July.

At 10:35 AM ET, the Dow Jones Industrial Average was up 232 points, or 0.7%, while the S&P 500 was up 0.7% and the NASDAQ Composite was up 1.1%.

Economists expect the CPI cooled somewhat last month, thanks to retreating fuel prices. The estimate is looking for 8.7% growth year over year, compared to June’s 9.1% annualized gain.

Investors have pushed stocks higher in recent sessions on the expectation that slowing inflation could encourage the Federal Reserve to be less aggressive with its interest rate hikes.

This is also another week for earnings, with reports due from Walt Disney Company (NYSE:DIS), Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) and Rivian Automotive Inc (NASDAQ:RIVN).

Uber Technologies Inc (NYSE:UBER) shares rose 1.8% after Japan’s SoftBank said it had sold its stake in the ride-hailing company.

Palantir Technologies Inc (NYSE:PLTR) shares fell 12% after an unexpected loss for the quarter and a revised full-year outlook, lowered because of the uncertain timing of government contracts.

Oil fell. Crude Oil WTI Futures was down 0.2%, to $88.80 a barrel while Brent Oil Futures crude was flat around $94.91 a barrel. Gold Futures inched up 0.4%, to $1,798 an ounce.

U.S. Stocks Bounce Ahead of This Week's Inflation Number
 

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Comments (10)
John Marty
John Marty Aug 08, 2022 12:47PM ET
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10% real inflation will be sticking for years. There is no magic bullet. Market digestion comes later and lower this Fall.
First Last
First Last Aug 08, 2022 12:47PM ET
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Putin probably won't be alive in 10 years
Johny Cash
Johny Cash Aug 08, 2022 11:14AM ET
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which day will be?
Brad Albright
Brad Albright Aug 08, 2022 11:10AM ET
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Proper headline: Stocks Bounce on Senate Passage of Inflation Reduction Act
First Last
First Last Aug 08, 2022 11:10AM ET
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Future headline:  Government shutdown again as Republicans refuse to pass budget bill unless Democrats ki ll the Infaltion Reduction Act.
Jose Tavares
Jose Tavares Aug 08, 2022 10:40AM ET
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Those stocks move higher while the Feds become less lenient on inflation hikes. Some of the Government contracts weren't what they expected.
Stan Smith
Stan Smith Aug 08, 2022 10:38AM ET
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Guess the inflation number is bad and this is just the normal 'strategic pump" to neutralize any losses. On the other hand a high inflation number could be bad for stocks as it increases the probability of FED rate hikes...Who really knows how the casino will react!
JIM VETTER
JIM VETTER Aug 08, 2022 10:35AM ET
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Core CPI excludes food and energy, so the drop in oil is irrelevant to vote core CPI. But the markets ignore that fact.
ia ai
ia ai Aug 08, 2022 10:23AM ET
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Nothing will derail the new all time highs of 2022. Covid, war, energy prices, inflation through the roof, but still stocks are going up. This market is bulletproof folks!
First Last
First Last Aug 08, 2022 10:23AM ET
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Crude and nat gas both in red so far today, and been trending down since early June & late July.
S K
S K Aug 08, 2022 10:13AM ET
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Stocks are going to plunge this week.
Andrew Sim
Andrew Sim Aug 08, 2022 10:13AM ET
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yes soon we get to see snp making new ath 5ooo
JIM VETTER
JIM VETTER Aug 08, 2022 10:13AM ET
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5,000?? What are you smoking??
First Last
First Last Aug 08, 2022 10:13AM ET
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JIM VETTER   How frequently does the market make all time highs?  When was the last all time lows?
Mitchel Pioneer
Mitchel Pioneer Aug 08, 2022 9:58AM ET
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"US Stocks Open Higher" because the US Ponzi Scheme is a criminally manipulated JOKE, plain and simple.
First Last
First Last Aug 08, 2022 9:58AM ET
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And when the markets open in the red?
Brad Albright
Brad Albright Aug 08, 2022 9:58AM ET
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First Last Same thing. The world is one big rigged simulation.
Jeff Chevalier
Jeff Chevalier Aug 08, 2022 9:58AM ET
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Because reality steps in.
 
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