Futures Pointing To Continued Strength On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Thursday, 13 July 2023 09:02:23 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a higher open on Thursday, with stocks likely to extend the upward trend seen over the past several sessions. Additional buying interest may be generated in reaction to a Labor Department report showing producer prices in the U.S. inched up by slightly less than expected in the month of June. The Labor Department said its producer price index for final demand crept up by 0.1 percent in June after falling by a revised 0.4 percent in May. Economists had expected producer prices to rise by 0.2 percent compared to the 0.3 percent dip originally reported for the previous month. The report also said the annual rate of producer price growth slowed to just 0.1 percent in June from a revised 0.9 percent in May. The pace of growth was expected to slow to 0.4 percent from the 1.1 percent originally reported for the previous month. Following yesterday?s tamer-than-expected consumer price inflation data, the data may further ease concerns about the outlook for interest rates. Meanwhile, a separate Labor Department report unexpectedly showed a modest decrease in first-time claims for U.S. unemployment benefits in the week ended July 8th. Stocks moved mostly higher during trading on Wednesday, extending the upward move seen to start the week. With the continued advance, the Nasdaq and the S&P 500 ended the session at their best closing levels in over a year. The tech-heavy Nasdaq jumped 158.26 points or 1.2 percent to 13,918.96 and the S&P 500 climbed 32.90 points or 0.7 percent to 4,472.16. The narrower Dow pulled back well off its best levels of the day but still closed up 86.01 points or 0.3 percent at 34,347.43. The strength on Wall Street came following the release of a highly anticipated Labor Department report showing consumer prices increased by less than expected in the month of June. The Labor Department said its consumer price index rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected consumer prices to climb by 0.3 percent. Excluding food and energy prices, core consumer prices still increased by 0.2 percent in June after rising by 0.4 percent in May. Core consumer prices were also expected to rise by 0.3 percent. The report also showed the annual rate of consumer price growth slowed to 3.0 percent in June from 4.0 percent in May. Economists had expected the rate of growth to slow to 3.1 percent. The annual rate of core consumer price growth also decelerated to 4.8 percent in June from 5.3 percent in May. The rate of growth was expected to slow to 5.0 percent. While the Federal Reserve is still widely expected to raise interest rates by another quarter point later this month, the data has led to renewed optimism that will be the end of the central bank's rate-hiking cycle. "The rate hike for this month is likely a foregone conclusion and this report won't change that, but after the Fed raises rates by 25 bps at the end of the month, this report adds a lot more weight to the doves' arguments, who are going to push for another pause in September and potentially an end to rate hikes for the year," said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance. He added, "To be fair, we have a lot more data between now and September's meeting, let alone the November meeting, which is likely to be the next 'live' meeting after July, but the evidence is building that the Fed will 'watch and wait' after they raise rates this month." Gold stocks turned in some of the market's best performances on the day, resulting in a 5.2 percent spike by the NYSE Arca Gold Bugs Index. With the surge, the index reached its best closing level in over a month. The rally by gold stocks came amid a sharp increase by the price of the precious metal. Easing interest rate concerns also contributed to substantial strength among housing stocks, as reflected by the 2.1 percent jump by the Philadelphia Housing Sector Index. Steel, semiconductor and chemical stocks also saw considerable strength on the day, while airline stocks came under pressure over the course of the session. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( Following yesterday?s tamer-than-expected consumer price inflation data, the Labor Department released a separate report on Thursday showing producer prices in the U.S. also inched up by slightly less than expected in the month of June. The Labor Department said its producer price index for final demand crept up by 0.1 percent in June after falling by a revised 0.4 percent in May. Economists had expected producer prices to rise by 0.2 percent compared to the 0.3 percent dip originally reported for the previous month. The report also said the annual rate of producer price growth slowed to just 0.1 percent in June from a revised 0.9 percent in May. The pace of growth was expected to slow to 0.4 percent from the 1.1 percent originally reported for the previous month. Another report released by the Labor Department on Thursday unexpectedly showed a modest decrease in first-time claims for U.S. unemployment benefits in the week ended July 8th. The Labor Department said initial jobless claims slipped to 237,000, a decrease of 12,000 from the previous week?s revised level of 249,000. The dip surprised economists, who had expected jobless claims to inch up to 250,000 from the 248,000 originally reported for the previous week. The report said the less volatile four-week moving average also edged down to 246,750, a decrease of 6,750 from the previous week?s revised average of 253,500. At 11 am ET, the Treasury Department is scheduled to announce the details of this month?s auction of twenty-year bonds. The Treasury Department is also due to announce the results of this month?s auction of $18 billion worth of thirty-year bonds at 1 pm ET. At 6:45 pm ET, Federal Reserve Board Governor Christopher Waller is scheduled to discuss the economic and policy outlook at the Money Marketeers Speech in New York. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Europe European stocks have moved higher on Thursday, with Chinese stimulus hopes and expectations that the Federal Reserve will soon halt interest rate hikes helping underpin sentiment. Investors were also reacting to remarks from Bank of Italy governor Ignazio Visco indicating the European Central Bank is "not very far" from a peak in interest rates following a series of increases. In economic news, Eurozone industrial output rose less than expected in May, raising concerns the recovery in the manufacturing sector is losing momentum. Eurostat said that output rose 0.2 percent month-on-month, down from 1.0 percent in April. Separate data showed the U.K. economy contracted less than expected in May. Real GDP decreased 0.1 percent on a monthly basis, reversing April's 0.2 percent growth. However, this was slower than economists' forecast for a 0.3 percent decline. While the French CAC 40 Index has advanced by 0.9 percent, the German DAX Index is up by 0.7 percent and the U.K.?s FTSE 100 Index is up by 0.4 percent. Italy's electricity and gas operator Enel has risen. The company said that its subsidiary Enel Green Power S.p.A. has agreed to sell 50 percent of its two entities namely Enel Green Power Australia Pty Ltd and Enel Green Power Australia Trust to Inpex Corporation (IPXHY) for around 400 million euros. Meanwhile, homebuilder Barratt Developments has slumped in London after it warned of a challenging environment and a further slowdown in demand due to "significant macro-economic headwinds." Casino Group shares have also plunged in Paris. The cash-strapped retailer said it estimates like-for-like sales for the second quarter in France to be down 6.6 percent, reflecting lower hyper and supermarkets sales on a like-for-like basis due to price cuts. BASF has also fallen. The German chemical company cut its full-year outlook after preliminary net income for the second quarter of 2023 declined to 499 million euros from 2.09 billion euros in the previous year. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks followed Wall Street higher on Thursday, as tamer-than-expected U.S. inflation data bolstered hopes of the Federal Reserve nearing the end of its tightening campaign. Sluggish Chinese trade data also spurred calls for more government stimulus. The dollar continued to weaken and yields on U.S. government bonds tumbled, while oil and gold prices were slightly higher in Asian trading. The Japanese yen traded close to a two-month high against the dollar after Japan's top financial diplomat Masato Kanda said that there is a view that speculative yen short positions are unwinding rapidly. Chinese shares rallied as investors shrugged off worse-than-expected trade data and cheered signals from authorities that a years-long crackdown on the tech industry is over amid a weakening economy. The benchmark Shanghai Composite Index jumped 1.3 percent to 3,236.48 and Hong Kong' Hang Seng Index surged 2.6 percent to 19,350.62 after Chinese Premier Li Qiang met with senior executives from the country's leading technology firms on Wednesday. Japanese shares posted strong gains, with heavyweight chip-related stocks leading the surge amid indications of inflation normalizing in the U.S. The Nikkei 225 Index shot up 1.5 percent to 32,419.33, marking its biggest one-day gain since July 3. The broader Topix Index settled 1.0 percent higher at 2,242.99. Screen Holdings, Tokyo Electron and Advantest climbed 2-4 percent. Uniqlo brand owner Fast Retailing advanced 1.7 percent after raising its full-year revenue and net profit views. Sony Group soared 4.5 percent after reports that the game and audio equipment maker is hiking R&D spending at its gaming unit. Seoul stocks rose for a third consecutive session after the Bank of Korea held its policy rate for a fourth meeting, as widely expected, citing slowing inflation. The Kospi gained 0.6 percent to close at 2,591.23. Hanwha Ocean Co., formerly Daewoo Shipbuilding & Marine Engineering Co., soared 5.3 percent and state-run Korea Electric Power Corp rallied 3.5 percent. Australian shares jumped after government bond yields fell. Australia's benchmark S&P/ASX 200 rallied 1.6 percent to 7,246.90, marking its biggest rise in six months. The broader All Ordinaries Index gained 1.6 percent to finish at 7,455.40, with miners and property developers pacing the gainers. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are slipping $0.16 to $75.59 a barrel after advancing $0.92 to $75.75 a barrel on Wednesday. Meanwhile, after surging $24.60 to $1,961.70 an ounce in the previous session, gold futures are edging down $1.50 to $1,960.20 an ounce. On the currency front, the U.S. dollar is trading at 138.74 yen versus the 138.50 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1171 compared to yesterday?s $1.1129. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49