US Stocks Edge Higher; Inflation Slows To 3% In June
U.S. stocks traded slightly higher this morning, with the Dow Jones index gaining around 0.1% on Thursday.
Following the market opening Thursday, the Dow traded up 0.06% to 39,745.57 while the NASDAQ rose 0.08% to 18,661.87. The S&P 500 also rose, gaining, 0.04% to 5,636.44.
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Leading and Lagging Sectors
Materials shares jumped by 1.2% on Thursday.
In trading on Thursday, financials shares fell by 0.1%.
Top Headline
The Consumer Price Index in the United States slowed more than expected in June. Headline CPI inflation slowed from 3.3% in May 2024 to 3% in June 2024 on a year-over-year basis, below the 3.1% expected among economists, as tracked by TradingEconomics.
On a monthly basis, inflation contracted by 0.1% compared to May 2024, decelerating from the previous flat reading and marking the lowest print since May 2020.
Equities Trading UP
- Biodexa Pharmaceuticals Plc (NASDAQ:BDRX) shares shot up 101% to $1.43 after the company reported 12-month Phase 2 trial results for eRapa in treating Familial Adenomatous Polyposis.
- Shares of Volcon, Inc. (NASDAQ:VLCN) got a boost, surging 84% to $6.72 in response to a series of buy-sell transactions by UBS Group AG (NYSE:UBS).
- Kazia Therapeutics Limited (NASDAQ:KZIA) shares were also up, gaining 62% to $1.1000. Kazia Therapeutics, on Wednesday, announced results from GBM-AGILE, a phase II/III study that included an evaluation of paxalisib versus standard of care for patients with glioblastoma.
Equities Trading DOWN
- TuanChe Limited (NASDAQ:TC) shares dropped 20% to $1.54.
- Shares of Inspire Veterinary Partners, Inc. (NASDAQ:IVP) were down 23% to $5.70 after jumping 110% on Wednesday. Inspire Veterinary Partners announced the closing of $6 million public offering.
- Cingulate Inc. (NASDAQ:CING) was down, falling 19% to $0.5276 after gaining 74% on Wednesday.
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Commodities
In commodity news, oil traded up 0.3% to $82.34 while gold traded up 0.3% at $2,387.50.
Silver traded up 0.72% to $31.245 on Thursday, while copper fell 0.7% to $4.5750.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 0.2%, Germany's DAX gained 0.1% and France's CAC 40 rose 0.2%. Spain's IBEX 35 Index rose 0.2%, while London's FTSE 100 rose 0.2%.
The UK’s trade deficit narrowed to £4.89 billion in May versus a revised £6.42 billion in the previous month, while British economy grew by 0.4% month-over-month in May. Industrial production in the UK increased 0.2% month-over-month for May. Annual inflation rate in Germany eased to 2.2% in June from 2.4% in the prior month.
Asia Pacific Markets
Asian markets closed mostly higher on Thursday, with Japan's Nikkei gaining 0.94%, Hong Kong's Hang Seng Index jumping 2.06%, China's Shanghai Composite Index climbing 1.06% and India's S&P BSE Sensex falling 0.03%.
Japanese core machinery orders declined 3.2% month-over-month to 857.8 billion yen during May versus a 2.9% decline in April.
Economics
- The Consumer Price Index in the United States slowed more than expected in June. Headline CPI inflation slowed from 3.3% in May 2024 to 3% in June 2024 on a year-over-year basis, below the 3.1% expected among economists, as tracked by TradingEconomics.
- On a monthly basis, inflation contracted by 0.1% compared to May 2024, decelerating from the previous flat reading and marking the lowest print since May 2020.
- U.S. initial jobless claims declined by 17,000 to 222,000 in the week ending July 6, compared to market estimates of 236,000.
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