Wall Street Mixed, Chips a Weigh
US stock markets closed mixed on Wednesday (July 15th) after the market digested weaker-than-expected producer inflation data. The S&P 500 rose 0.4%, the Dow Jones Industrial Average gained 150 points, while the Nasdaq 100 fell 0.3% due to pressure on chip stocks.
US Producer Price Index (PPI) data showed that primary and core producer prices rose less than expected in June. This data reinforced the previous day's subdued CPI report, reducing the likelihood of a Fed rate hike at the next meeting.
Positive sentiment from the inflation data helped ease market concerns about rising energy prices due to the US-Iran conflict. However, pressure in the semiconductor sector kept the technology index's gains at bay, particularly after memory chip and SpaceX stocks weakened.
In terms of listed company performance, Morgan Stanley rose 0.2% after posting better-than-expected results. JPMorgan and Goldman Sachs also rose 1.1% each, continuing the positive sentiment from the banking sector's financial reports. BlackRock even jumped 6.6% after releasing its results, while Johnson & Johnson fell 2.7%.
Big tech stocks continued to support the market. Microsoft rose 2.8%, Amazon gained 3%, and Alphabet surged 3.2%, buoyed by positive sentiment from ASML's 2.3% rise in results. As a result, Wall Street continued to receive support from declining inflation, but pressure from chip stocks and energy risks kept the rally from being evenly distributed.
Source: Newsmaker.id
