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11.08.2023 12:01 PM
Key US indicators post growth

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US stock indices showed a 0.2% increase at the close of yesterday's trading. During the session, indicators climbed to 1.5% but closed at lower levels. The Industrial Dow Jones rose by 0.15%, the broad S&P 500 increased by 0.03%, and the tech-heavy NASDAQ added 0.12%.

The strengthening of the tech sector, service industry, and telecommunications sector is noted. Despite the US consumer price growth of 3.2% in July, exceeding June's 3%, the figure fell short of experts' forecasts, which expected growth up to 3.3%. On the contrary, the core inflation rate decreased from June's 4.8% to 4.7% in July.

Inflation increase data play a crucial role for investors, as the US Federal Reserve considers this information when making decisions about monetary policy. Currently, over 90% of analysts believe that in the upcoming meeting next month, the US regulator will maintain the rate at the current range of 5.25-5.5%.

According to analysts, the latest inflation statistics indicate an ongoing deflationary process, even though consumer prices have risen for the first time in a year. Monthly inflation growth in July remained the same as the previous month, at 0.2%.

Among the components of the Dow Jones indicator, shares of Walt Disney Company increased the most, rising by 4.88%, Intel Corporation grew by 1.17%, and Salesforce Inc gained 1.16%.

Conversely, the value of shares of other companies decreased. Shares of Goldman Sachs Group Inc fell by 0.67%, Nike Inc lost 0.6%, and Johnson & Johnson dropped by 0.52%.

Among the S&P 500 components, stock quotes saw an increase for Walt Disney Company, rising by 4.88%, VF Corporation increasing by 3.74%, and Fleetcor Technologies Inc rising by 3.3%.

At the same time, stock quotes of other companies demonstrated a decrease: Tapestry Inc's price dropped by 15.91%, General Motors Company lowered by 5.78%, and Ralph Lauren Corp Class A lost 4.82%.

Among the NASDAQ components, the highest increase in stock prices was shown by Science 37 Holdings Inc, rising by 42.09%, TOMI Environmental Solutions Inc gaining 29.54%, and Edible Garden AG Inc, soaring by 29.41%.

However, stocks of other companies decreased. Galera Therapeutics Inc dropped by 83.93%, Amyris Inc decreased by 80.75%, and Origin Materials Inc lost 66.40%.

At the New York Stock Exchange, the number of declining securities (1599) exceeded the number of advancing ones (1312). A similar situation emerged on the NASDAQ exchange: 1829 securities declined compared to 1670 which increased.

The value of stocks of some companies reached record highs, while others hit record lows. Shares of Fleetcor Technologies Inc reached a year-high level of 268.61, whereas shares of Galera Therapeutics Inc, Amyris Inc, and Origin Materials Inc dropped to all-time lows.

The market volatility indicator, CBOE Volatility Index, decreased by 0.69% to a level of 15.85.

The price of oil futures decreased: WTI crude dropped by 1.8% to $82.88 per barrel, and Brent crude decreased by 1.32% to $86.39 per barrel.

Anastasia Kravtsova,
Analytical expert of InstaForex
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