The S&P 500 Index is up 0.30%, the Dow Jones Industrial Average has risen 0.60%, and the Nasdaq 100 Index is up 0.97% today, following a better-than-expected US June Consumer Price Index (CPI) report. The 10-year Treasury note yield has decreased by 4 basis points to 4.58% as a result of the CPI easing to 3.5% year-on-year, down from 4.2% in May, and better than the expected 3.8%.
In the banking sector, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup reported better-than-expected Q2 earnings, contributing to a rise in US bank stocks. Conversely, IBM’s preliminary Q2 revenue fell short of consensus, leading to a 23% drop in its stock price. Additionally, President Trump announced that the US would maintain security in the Strait of Hormuz, demanding reimbursement for cargo protection, amid escalating tensions with Iran.
Chinese trade data showed June exports increased by 27.0% year-on-year, surpassing expectations of 19.0%. This backdrop supports global economic growth prospects as markets brace for strong Q2 earnings, with forecasts suggesting a 23% increase compared to the previous quarter.
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