Economy

Tansy_Gold

(18,054 posts) Thu Jul 11, 2024, 03:24 PM Jul 2024

STOCK MARKET WATCH: Friday, 12 July 2024

STOCK MARKET WATCH: Friday, 12 July 2024

Previous SMW:
SMW for 11 July 2024

AT THE CLOSING BELL ON 11 July 2024

Dow Jones 39,753.75 +32.39 (0.082%)
S&P 500 5,584.54 -49.37 (0.88%)
Nasdaq 18,283.41 -364.04 (1.95%)

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Market Conditions During Trading Hours:

Google Finance
MarketWatch
Bloomberg
Stocktwits

(click on links for latest updates)

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Currencies:

(Awaiting new links)

Gold & Silver:

(Awaiting new links)

Petroleum:

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DU Economics Group Contributor Megathreads:

Progree's Economic Statistics (with links!)
mahatmakanejeeves' Rail Safety Megathread
mahatmakanejeeves' Oil Train Safety Megathread

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Quote for the Day:

Beyond threats and posturing, McCarthy was never reluctant to bully the newly licensed stations that operated under the tenuous protection of the "equal time provision." In October 1952, McCarthy threatened to ask the FCC to revoke the license of KING-TV, Seattle, Washington, after he had demanded "time" to rebut a criticism of his activities and after the station refused to broadcast the senator's prepared speech unless he deleted statements that the station's attorneys considered libelous. In 1953, McCarthy pressured the FCC over the assignment of licenses to new stations in his home state of Wisconsin.

Thomas Rosteck. See It Now Confronts McCarthyism: Television Documentary and the Politics of Representation. University of Alabama Press. © 1994.

This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

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STOCK MARKET WATCH: Friday, 12 July 2024 (Original Post) Tansy_Gold Jul 2024 OP

The 0.9% drop in the S&P 500 when we just had the best inflation report in years, progree Jul 2024 #1

progree

(11,463 posts)

1. The 0.9% drop in the S&P 500 when we just had the best inflation report in years,

Reply to Tansy_Gold (Original post)

Thu Jul 11, 2024, 05:47 PM

Jul 2024

Odd there's a sizable drop (0.9%) in the S&P 500, which has about 85% of the U.S. market by capitalization, after the best inflation news in years (see below for CPI graphs)

The below somewhat xplains it --

https://finance.yahoo.com/news/stock-market-today-stocks-fall-from-records-as-tesla-nvidia-lead-tech-sell-off-200114295.html

Stock market today: Stocks fall from records as Tesla, Nvidia lead tech sell-off, Yahoo Finance, 7/11/24

[some excerpts] Tesla (TSLA) shares snapped an 11-day winning streak to drop more than 8% in its worst day since January after a Bloomberg report that the EV maker will delay the unveiling of its robotaxi.

Investors flocked to rate sensitive sectors like Real Estate (XLRE) and Utilities (XLU) following June's cooler than expected inflation print.

The Consumer Price Index (CPI) last month declined 0.1% over the previous month and increased just 3.0% over the prior year. The annual gain was the slowest rise in consumer prices since early 2021.

Also, the 10-year Treasury yield dropped a sizable 0.087 percentage points from 4.280% to 4.193%, as odds increased for a Fed rate cut in or before September.

The good news inflation graphs:

Blue: CPI (year-over-year), Red: Fed Funds Target Rate, Thin Light Blue: CPI rolling 3 month average (annualized)
November 2019 to June 2024 (pre-pandemic to latest)

More inflation graphs and links at:
https://www.democraticunderground.com/?com=view_post&forum=1014&pid=3270004
https://www.democraticunderground.com/?com=view_post&forum=1014&pid=3270154

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