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S&P 500 Pares Gains as Treasury Yields Move Off Lows Despite Easing Inflation

By Yasin Ebrahim AiVIF.com -- The S&P 500 pared some gains Thursday, as Treasury yields bounced off session lows, but remained supported by further signs of easing inflation...
S&P 500 Pares Gains as Treasury Yields Move Off Lows Despite Easing Inflation © Reuters

By Yasin Ebrahim

AiVIF.com -- The S&P 500 pared some gains Thursday, as Treasury yields bounced off session lows, but remained supported by further signs of easing inflation and a jump in energy stocks.

The S&P 500 rose 0.1%, the Dow Jones Industrial Average gained 0.2 %, or 75 points, the Nasdaq was down 0.38%.

The U.S. producer price index, a measure of wholesale inflation, declined by 0.5% in July after rising 1% in June, driven by a large decline in energy prices.

It was the first monthly decline in more than two years, and – following Wednesday’s softer consumer inflation report - added to expectations that inflation is nearing a peak.

“I think inflation will continue to look better and will give the Fed more of a reason toward the end of the year to potentially signal a pause,” Jimmy Lee, the founder and CEO of The Wealth Consulting Group, told AiVIF.com in an interview on Thursday.

Fresh signs of easing inflation come just as the labor market continued to show strength as jobless claims of 262,000 in the week ended July 30 fell short of economists’ estimates.

“The modest pickup in claims suggests that turnover may be increasing in weaker firms that are struggling with slowing growth,” Jefferies said in a note.

The data continued to support bets that the Federal Reserve isn’t likely to dramatically step up the pace of monetary policy, with odds of a 75 basis point hike in September falling to 19% from 34% a day earlier, according to AiVIF.com’s Fed Rate Monitor Tool.

Tech, meanwhile, struggled to hold gains as Treasury yields rebounded from session lows forcing Google-parent Alphabet (NASDAQ:GOOGL), Meta (NASDAQ:META), Apple (NASDAQ:AAPL), and Microsoft (NASDAQ:MSFT) to pare some gains.

Energy stocks, however, supported the broader market, rising 2% on strength in oil prices on demand optimism after the International Energy Agency lifted its oil demand growth estimate for this year.

The IEA boosted its outlook on oil demand for this year by 380,000 barrels per day, with demand now seen rising by 2.1 million bpd to a total of 99.7 million bpd in 2022.

The earnings front offered a mixed picture.

Walt Disney Company (NYSE:DIS) was the standout performer, rising more than 5% after its quarterly results topped estimates. The company also said it would hike the subscription price of its streaming service Disney+ and launch an ad-supported version of the service on Dec. 8.

The price hikes provide a “path to profitability for [Disney’s streaming business],” Credit Suisse said, but “streaming losses will be higher than expected in F4Q22/FY23…tough still peak in FY22 and hit profitability during FY24.”

Bumble Inc (NASDAQ:BMBL), however, fell more than 9% after the dating service operator slashed its full-year revenue guidance after delivering mixed quarterly results as losses came in wider than expected in the second quarter. Its shares fell more than 7%.

Six Flags Entertainment New (NYSE:SIX), meanwhile, fell more than 20% after reporting second-quarter earnings that fell short of expectations, weighed down by a 22% drop in theme park visitors.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

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↑ Sell

Moving Avg:

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Sell (12)

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Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

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Moving Avg:

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Indicators:

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USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

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USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

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Buy (7)

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Gold Futures

2,295.80

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Silver Futures

26.677

+0.023 (+0.09%)

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Sell (9)

Copper Futures

4.5305

-0.0105 (-0.23%)

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↑ Buy

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Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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Brent Oil Futures

85.62

-0.71 (-0.82%)

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Natural Gas Futures

1.946

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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↑ Sell

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S&P 500

5,035.69

-80.48 (-1.57%)

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↑ Sell

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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Sell

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Sell (4)

Hang Seng

17,763.03

+16.12 (+0.09%)

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↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (1)

Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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Buy (0)

Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

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Buy (3)

Sell (3)

BASF SE NA O.N.

49.155

+0.100 (+0.20%)

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↑ Sell

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Bayer AG NA

27.35

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Allianz SE VNA O.N.

266.60

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Adidas AG

226.40

-5.90 (-2.54%)

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Deutsche Lufthansa AG

6.714

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Summary

Neutral

Moving Avg:

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Siemens AG Class N

175.90

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Summary

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Deutsche Bank AG

15.010

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Summary

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Moving Avg:

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Indicators:

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Sell (2)

 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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SJC Eximbank8,300/ 8,500
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