US Stocks Rise After Data Shows Slowing Inflation, Even as IBM Plunges
Traders cut the odds of a Federal Reserve rate hike after consumer prices rose 3.5% last month, while IBM sank 25.9% on weak results.
- Stocks rose on Tuesday after a report showed United States inflation was not as bad last month as economists expected, with rebounds in tech stocks helping steady the market.
- Following the inflation report, traders see less than a 13% chance that the Fed will raise its main interest rate later this month, down from nearly 42% probability the day before, according to CME Group.
- IBM dropped 25.9%, heading toward its worst day since at least 1972, as CEO Arvind Krishna said performance fell short when customers shifted spending toward servers and storage.
- Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Wells Fargo reported fatter profits than analysts expected on Tuesday, with Goldman Sachs jumping 7.4% while Citigroup fell 2%.
- Treasury yields dropped to 4.55% as Fed Chair Kevin Warsh pledged to make high inflation "a thing of the past," while Brent crude briefly topped $87 amid Middle East fighting.
49 Articles
49 Articles
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TelegraphHerald.com
US stocks rise after data shows slowing inflation, even as IBM plunges
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From Gift Nifty, US inflation, IBM shares to Kospi’s rally: 8 key things that changed for Indian stock market overnight
Gift Nifty was trading around 24,049 level, a premium of nearly 25 points from the Nifty futures’ previous close, indicating a mildly positive start for the Indian stock market indices.
The 100-year-old company reported profits well below what investors expected.The largest banks in the U.S. reported quarterly profits.June inflation in the U.S. was better than expected.
The Tribune-Democrat
The BladeU.S. stocks rise after data shows slowing inflation, even as IBM plunges
Stocks rose Tuesday after a report showed U.S. inflation was not as bad last month as economists expected. That was even though oil prices continued to climb on worries that the United States and Iran may return to all-out war.
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