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

AuthorLiz Moyer
Published 08/08/2022, 09:39 AM
Updated 08/08/2022, 09:44 AM
© Reuters.

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.

Latest comments

10% real inflation will be sticking for years. There is no magic bullet. Market digestion comes later and lower this Fall.
Putin probably won't be alive in 10 years
which day will be?
Proper headline: Stocks Bounce on Senate Passage of Inflation Reduction Act
Future headline:  Government shutdown again as Republicans refuse to pass budget bill unless Democrats ki ll the Infaltion Reduction Act.
Those stocks move higher while the Feds become less lenient on inflation hikes. Some of the Government contracts weren't what they expected.
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!
Core CPI excludes food and energy, so the drop in oil is irrelevant to vote core CPI. But the markets ignore that fact.
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!
Crude and nat gas both in red so far today, and been trending down since early June & late July.
Stocks are going to plunge this week.
yes soon we get to see snp making new ath 5ooo
5,000?? What are you smoking??
  How frequently does the market make all time highs?  When was the last all time lows?
"US Stocks Open Higher" because the US Ponzi Scheme is a criminally manipulated JOKE, plain and simple.
And when the markets open in the red?
Same thing. The world is one big rigged simulation.
Because reality steps in.
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