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☆ Yen advances on BOJ policy tweak speculation, dollar steady
▼ + stars: | 2023-07-28 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The Nikkei newspaper reported the central bank will maintain its 0.5% cap for the 10-year government bond yield, but discuss allowing long-term interest rates to rise above that level by a certain degree. The Japanese yen strengthened as much as 0.55% to 138.72 per dollar before losing steam to trade at 139.37 on Friday. The BOJ last December stunned the market by widening the yield band and allowing the 10-year yield to rise by up to 0.5%. The story so far has been of policymakers sticking to expectations with the Federal Reserve and the European Central Bank hiking by 25 basis point each earlier in the week. Against a basket of currencies, the dollar shot up 0.059% at 101.74, having risen 0.66% overnight.

Persons: Carol Kong, Christine Lagarde, Lagarde, Jerome Powell, Rodrigo Catril, Ankur Banerjee, Sam Holmes Organizations: Bank of Japan, Nikkei, Commonwealth Bank of Australia, Federal Reserve, European Central Bank, ECB, Fed, National Australia Bank . Data, Labor Department, Thomson Locations: SINGAPORE, U.S, Singapore

☆ Moderate US economic growth expected in second quarter
▼ + stars: | 2023-07-27 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

According to a Reuters survey of economists, GDP growth likely increased at a 1.8% annualized rate last quarter after rising at a 2.0% pace in the first quarter. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, likely remained a pillar of support, although the pace of growth slowed from the second quarter's robust 4.2% rate. Further contribution to GDP growth was expected from government spending. Inventory investment is a wild card, though most economists are penciling in a contribution to GDP growth of at least five tenths of a percentage point. Business sharply reduced inventory accumulation in the January-March quarter in anticipation of weaker domestic demand, slicing 2.14 percentage points off GDP growth that period.

Persons: Dean Maki, they're, Mike Skordeles, Joe Biden's, Sean Snaith, Richard de Chazal, William Blair, Lucia Mutikani, Andrea Ricci Organizations: Federal Reserve, Point72, Management, Labor Department, Truist Advisory Services, Investment, University of Central Florida's Institute, Economic, Fed, Thomson Locations: WASHINGTON, U.S, Stamford , Connecticut, Atlanta, United States, London

☆ US economic growth accelerates in second quarter; inflation retreats
▼ + stars: | 2023-07-27 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Gross domestic product increased at a 2.4% annualized rate last quarter. Excluding food and energy, prices rose at a 2.6% pace following a 4.2% rate of increase in the first quarter. Though the pace of growth slowed from the first quarter's robust 4.2% rate, it was enough to add more than a full percentage point to GDP growth. Government spending also contributed to GDP growth. A measure of domestic demand increased at a solid 2.3% rate after surging at a 3.2% pace in the first quarter.

Persons: Amira Karaoud, Christopher Rupkey, Joe Biden's, Lucia Mutikani, Nick Zieminski, Andrea Ricci Organizations: REUTERS, Commerce, Federal Reserve, Gross, Reuters, Fed, Consumer, Labor Department, Conference, Treasury, Investment, Thomson Locations: Louisville, U.S, WASHINGTON, New York, United States

☆ Labor Department Decries Surge in Exploited Migrant Children
▼ + stars: | 2023-07-27 | by ( Hannah Dreier | More About Hannah Dreier | ) www.nytimes.com time to read: +1 min

The Labor Department on Thursday decried a national surge in child labor, saying that the agency’s inspectors had found thousands of violations and were investigating a slaughterhouse where a 16-year-old boy from Guatemala was killed this month. The update followed a hearing on Wednesday in which lawmakers from both parties accused the Health and Human Services secretary, Xavier Becerra, of failing to protect migrant children from exploitation. “There are some terrible things that are wrong,” Representative Anna G. Eshoo, a Democrat from California, told him. secretary, the buck stops with you.”Some 300,000 minors have come to this country alone since 2021, fueling a dramatic increase in migrant child labor. In an online report, the Labor Department announced an 87 percent increase in fines on employers in recent months.

Persons: Xavier Becerra, Anna G, “ Organizations: Labor Department, Human Services Locations: Guatemala, California

☆ What to expect from the Fed’s decision on rates
▼ + stars: | 2023-07-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Fed Chair Jerome Powell’s remarks during an annual gathering of central bankers and economists in Wyoming next month could shed more light on what to expect for the September decision. There are three possibilities for what the Fed might do moving forward, according to economists: a second consecutive rate hike in September, one in November, or no more rate hikes after July. The Commerce Department releases the June reading of the Fed’s favorite inflation measure Friday. The Fed held rates steady for nine straight meetings over the span of a year the last time it paused a rate-hiking campaign in 2006. Nearly all of the Fed’s decisions have been unanimous since the central bank began lifting rates in March 2022, with the exception of two meetings early in the Fed’s current inflation battle.

Persons: it’s, Jerome Powell’s, It’s, haven’t, inflation’s, Ben Bernanke, Raphael Bostic, there’s, hawkish, “ Powell, ” Seema Shah, Powell, Christopher Waller, you’re, ”, José Torres, ” Powell, Jerome Powell Organizations: DC CNN, Federal, Fed, Commerce Department, Market Committee, Atlanta Fed, Asset Management, CNN, ”, The Labor Department, Interactive Locations: Washington, Wyoming, —

☆ Scorching temperatures are making delivery a dangerous job — and it's only getting worse
▼ + stars: | 2023-07-26 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +10 min

Even outside the hottest US states, heat that delivery workers aren't used to can be dangerous. Several delivery driver deaths have triggered changes. In recent years, delivery drivers reporting heat-related illnesses were second only to construction workers, according to OSHA statistics reported by E&E News. The 2022 death of 24-year-old Esteban Chavez, a UPS driver in Southern California, made national headlines. But his death came less than a year before the International Brotherhood of Teamsters, which represents UPS workers, began re-negotiating its contract with UPS.

Persons: aren't, Jeff Goodell, Goodell, Shawndu Stackhouse, Tom Williams, Esteban Chavez, AccuWeather, Chavez wasn't, wasn't, Chavez, Spencer Platt, it's, James Daniels, San Clemente , CA, Irfan Khan, Greg Abbott Organizations: FedEx, heatwave, OSHA, E, D.C, Inc, Getty, Brotherhood of Teamsters, UPS, —, Los, Los Angeles County Coroner's, Labor Department, of Occupational Safety, Health, Broadway, New York City, Postal Service, it's, Los Angeles Times, Amazon, Texas Gov Locations: Portland, Yosemite, Vermont —, Northeast Washington, Northern California, Southern California, Pasadena , California, Los Angeles County, California, New york City, New York, Texas, San Clemente ,, New York City

☆ UPS-Teamsters tentative agreement, explained
▼ + stars: | 2023-07-26 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

But if the Teamsters vote yes, there are a number of clear winners. Teamsters members at UPSThe deal include many of the main bargaining goals sought by the union. He still has to worry about about a strike against one or more major automakers by the United Auto Workers union in September. But averting a Teamsters strike is one fewer thing for him to worry about. The last time the Teamsters members at UPS voted on a tentative deal, they voted it down.

Persons: Martin Luther King Jr, “, ”, Carl Morton, Joe Biden, Joe Biden’s, Still, Biden, He’s, Sean O’Brien, Satish Jindel, it’s, There’s, ” O’Brien, he’s Organizations: New, New York CNN, UPS, Teamsters, CNN, Anderson Economic Group, United Auto Workers, UAW, Tuesday, Labor Statistics, Labor Department, Hollywood, Teamsters Tuesday, FedEx Locations: New York, Philadelphia, Michigan

☆ My Friend Is Mistreating Her Nanny. Should I Say Something?
▼ + stars: | 2023-07-26 | by ( Kwame Anthony Appiah | More About Kwame Anthony Appiah | ) www.nytimes.com time to read: +3 min

My friend’s nanny is good friends with my own nanny. This friend introduced me to her circle of friends a few years ago, and it’s because of her that I am part of a great group of women. Should I intervene and risk her behaving even worse toward her nannies and creating a rift in the friend circle? If you live in one of these jurisdictions, you could give your friend’s nanny the phone number of the office in the labor department that investigates such cases. But this line of approach probably makes sense only if the nanny is ready to move on.

Persons: nannies, Let’s, you’ve, that’s

☆ China's real youth unemployment rate could actually be close to 50% - more than double the official rate
▼ + stars: | 2023-07-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

China's youth unemployment rate may be severely skewed, a Peking University professor wrote. While official statistics for March cited a 19.7% rate, Zhang Dandan estimated it's closer to 46.5%. According to Zhang Dandan, whose findings were recently published in the financial magazine Caixin, March's youth unemployment rate could have been as much as 46.5% when accounting for 16 million non-students not actively seeking work, Reuters reported. This is more than double that month's official 19.7% rate, as published by the National Bureau of Statistics. To be sure, the US Labor Department's unemployment rate doesn't include Americans who have stopped looking for work.

Persons: Zhang Dandan, COVID Organizations: Peking University, Service, Reuters, National Bureau of Statistics, US Labor Locations: Wall, Silicon

☆ What to expect from this week’s Fed meeting
▼ + stars: | 2023-07-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

After the Fed’s July monetary policy meeting, which concludes on Wednesday, investors will be looking for more details around that potential hike. That’s why the Fed is trying to retain the option of another rate increase in case inflation proves to be more resilient than expected. Fed Chair Jerome Powell’s remarks during an annual gathering of central bankers and economists in Wyoming next month could shed more light on what to expect for the September decision. There are three possibilities for what the Fed might do moving forward, according to economists: a second consecutive rate hike in September, one in November, or no more rate hikes after July. Whatever the Fed decides to do won’t come without a vigorous debate, and perhaps even a dissent, though the Fed has a tradition of collegiality.

Persons: —, it’s, Jerome Powell’s, It’s, haven’t, inflation’s, Ben Bernanke, Raphael Bostic, there’s, hawkish, “ Powell, ” Seema Shah, Powell, Christopher Waller, you’re, ”, José Torres, ” Powell, Jerome Powell Organizations: DC CNN, Federal, Fed, Commerce Department, Market Committee, Atlanta Fed, Asset Management, CNN, ”, The Labor Department, Interactive Locations: Washington, Wyoming, —

☆ US consumer confidence races to two-year high; house prices rising
▼ + stars: | 2023-07-25 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Summary Consumer confidence index increases to 117.0 in JulyLabor market differential rises to 37.2 from 32.5 in JuneHouse prices continue upward trend in MayWASHINGTON, July 25 (Reuters) - U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation, bolstering the economy's prospects in the near term. That supports economists' views that consumer spending was flattening out after rising at its fastest pace in two years in the first quarter. The Conference Board's consumer confidence index increased to 117 this month, the highest reading since July 2021, from 110.1 in June. TIGHT LABOR MARKETThe survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, increased to 37.2 this month from 32.8 in June, a sign labor market conditions remain tight despite job growth slowing. And while more households planned to buy houses, they could run into affordability challenges as tight supply pushes up prices.

Persons: Robert Frick, Dana Peterson, Lisa Sturtevant, Lucia Mutikani, Paul Simao Organizations: Labor, Conference, Federal Reserve, Consumers, Navy Federal Credit Union, The, Reuters, University of, Conference Board's, Fed, Federal Housing Finance Agency, Bright MLS, Thomson Locations: WASHINGTON, Vienna , Virginia, U.S

☆ US weekly jobless claims fall to two-month low
▼ + stars: | 2023-07-20 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

Unadjusted claims fell by 326 to 257,976 last week. Reuters GraphicsThough the labor market remains tight, last week's drop in claims was likely exaggerated by difficulties adjusting the data for seasonal patterns. The claims data covered the week during which the government surveyed businesses for the nonfarm payrolls component of July's employment report. Claims fell during the June and July survey weeks. At current levels, the so-called continuing claims are low by historical standards, indicating that some laid-off workers are quickly finding work.

Persons: Rubeela Farooqi, Unadjusted, Lucia Mutikani, Andrea Ricci, Paul Simao Organizations: Federal Reserve, Labor Department, Reuters, Reuters Graphics, Thomson Locations: WASHINGTON, White Plains , New York, California, Georgia, South Carolina, Oregon, Michigan , Kentucky , Indiana , New York , New Jersey , Iowa, Illinois, U.S

☆ Goldman Sachs cuts odds of a U.S. recession in the next year
▼ + stars: | 2023-07-18 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Skyline of lower Manhattan and One World Trade Center in New York City and the Water's Soul sculpture on July 11, 2023, in Jersey City, New Jersey. (Photo by Gary Hershorn/Getty Images)Goldman Sachs revised down the odds of a U.S. recession happening in the next 12 months, cutting the probability down to 20% from 25% on the back of positive economic activity. The investment bank's chief economist, Jan Hatzius, cited a slew of better-than-expected economic data in a research report released Monday. The chief economist cited resilient U.S. economic activity, saying second-quarter GDP growth was tracking at 2.3%. The rebound in consumer sentiment and unemployment levels falling to 3.6% in June also added to Goldman's optimism.

Persons: Gary Hershorn, Goldman Sachs, Jan Hatzius Organizations: Trade, Labor Department Locations: Manhattan, New York City, Jersey City , New Jersey, U.S

☆ The war against inflation is a long way away from being won
▼ + stars: | 2023-07-17 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

But those data points reflected relative rates of change, not capturing the overall surge that led to the highest inflation level in more than 40 years. The 12-month PPI reading had peaked at an annual rate of 11.6% in March 2022, its highest ever in data going back to November 2010. "Near-term price inflation may do little to contradict rising Fed official and market hope that a benign outcome is being achieved." For their part, Fed officials have indicated they see their benchmark rate rising by at least half a percentage point by the end of the year. So-called core inflation rose 0.2% in June and was tracking at a 4.8% annual rate, much higher than the Fed would like.

Persons: Robert Nickelsberg, Jared Bernstein, Sharp, Andrew Hollenhorst, Hollenhorst, Jerome Powell, That's Organizations: Hannaford, Financial, White House's Council, Economic Advisers, CNBC, Labor Department, Citigroup, Energy, of Labor Statistics Locations: South Burlington , Vermont

☆ The Labor Department only fines businesses on average $8,500 when a worker dies from a heat-related illness
▼ + stars: | 2023-07-16 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +4 min

The average federal fine for a US employer, when a worker dies from heat-related illness, is $8,539.98. The three-year average of heat-related worker deaths has doubled since 1990, a 2021 report from NPR and Columbia Journalism Investigations revealed. According to federal data reported between 2017 and 2022, the Department of Labor fines businesses governed by federal OSHA regulations an average of just $8,539.98 if an employee dies because of heat-related illness. Gleason also noted that federal OSHA fines for worker deaths are significantly smaller than that of other federal agencies. "The average Environmental Protection Agency penalty is 10 times that of federal OSHA for a worker that dies," Gleason said.

Persons: Eugene Gates Jr, Felipe Pascual, Richard Gleason, Gleason, West Virginia —, Thomas Linkous, — Farrell, — Organizations: Service, NPR, Columbia, Investigations, US Postal Service, University of Washington, Occupational Safety, Health Administration, Department, Labor, OSHA, Environmental, Agency, The Department Locations: United, Wall, Silicon, United States, Dallas, Houston, West Virginia, Wisconsin, California, Washington, Oregon

☆ US inflation outlook brightening; consumer sentiment near two-year high
▼ + stars: | 2023-07-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Data for May was revised to show import prices declining 0.4% instead of the previously reported 0.6%. Though consumer inflation remains above the Fed's 2% target, the pace of increase has slowed sharply since peaking in June 2022, giving consumers some relief. INFLATION EXPECTATIONS ANCHOREDThough the survey's inflation expectations increased this month, that was probably because most consumers were interviewed before the release of June's consumer price index report. "Import prices are subtracting from the pernicious trend of the goods inflation Americans have been paying." There were decreases in the cost of nonagricultural industrial supplies and materials as well as food, which canceled out rises in prices for capital goods, consumer goods and motor vehicles.

Persons: Jeffrey Roach, Joanne Hsu, Shannon Seery, Christopher Rupkey, Lucia Mutikani, Christina Fincher, Paul Simao Organizations: Federal Reserve, LPL Financial, Reuters, University of Michigan, University of Michigan's, Consumers, Treasury, Labor, Thomson Locations: WASHINGTON, U.S, Charlotte , North Carolina, Wells, New York, United States, China

☆ US producer inflation muted; labor market still tight
▼ + stars: | 2023-07-13 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

That was the smallest year-on-year gain since August 2020 and followed a 0.9% increase in May. CORE INFLATION SLOWINGExcluding the volatile food and energy components, the so-called core goods prices fell 0.2% last month after climbing 0.1% in May. In the 12 months through June, the core PPI advanced 2.6%. That was the smallest year-on-year gain since February 2021 and followed a 2.8% increase in May. While inflation is slowing, the labor market remains tight.

Persons: Bill Adams, Jeffrey Roach, Christopher Rupkey, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: PPI, Labor Department, Federal Reserve, Comerica Bank, Reuters, Financial, Services, Wholesale, Fed, Energy, LPL Financial, Treasury, CPI, Thomson Locations: WASHINGTON, U.S, Dallas, Charlotte , North Carolina, Stocks, New York

☆ Under-the-surface improvements in the S&P 500 signal big gains ahead, history shows
▼ + stars: | 2023-07-13 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

A look under the surface of the market reveals Wall Street could be in for even more gains, if history is any indication. Bespoke Investment Group noted that roughly 80%-85% of S & P 500 stocks are trading above their 50-day moving average, a widely followed technical level indicating an individual security's short-term momentum. The firm also noted that the index is positive more than 80% of the time in the six and 12 months following such strong market breadth. On Wednesday , the Labor Department said the consumer price index rose 3% in June on a year-over-year basis, slightly less than expected. Another encouraging report came out Thursday, with the producer price index also gaining less than forecast last month .

Organizations: Investment Group, Labor Department

☆ Biden's labor secretary pick may not have the votes. She also may not need them.
▼ + stars: | 2023-07-13 | by ( Liz Brown-Kaiser | Sahil Kapur | ) www.cnbc.com time to read: +7 min

The Senate is stalled on President Joe Biden's pick for secretary of labor, Julie Su, and Democrats face a conundrum on how to proceed. But Su, who currently serves as the acting labor secretary, could just keep running the department anyway. Federal law places no limits on how long Su can serve as acting labor secretary without being confirmed. He said he wants a voice for "both labor and industry" in the labor secretary role. Any Senator who voted to confirm Secretary [Marty] Walsh should vote to confirm Acting Secretary Su, too.

Persons: Julie Su, Joe Biden's, Su, Biden, Sen, Bernie Sanders, Kyrsten Sinema, Jon Tester, Joe Manchin, pushback, there's, Mazie Hirono, haven't, She's, she'll, she's, Mark Kelly, John Hickenlooper, I'm, Su aren't, Tester, you've, Manchin, Bill Cassidy of, Sinema, Tammy Duckworth, Marty, Walsh, We're, Sherrod Brown, Elizabeth Warren of, Chuck Schumer Organizations: Health, Education, Labor, Capitol, Labor Department —, Pensions, Su's, Democrats, HELP, Su's Democratic, White, Department, Democratic Locations: Washington, American, Sens, Hawaii, Bill Cassidy of Louisiana, Sherrod Brown of Ohio, Elizabeth Warren of Massachusetts

☆ US producer prices barely rise in June; core PPI subsides
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, July 13 (Reuters) - U.S. producer prices barely rose in June and the annual increase in producer inflation was the smallest in nearly three years, more evidence that the economy had entered a disinflation phase. The producer price index for final demand nudged up 0.1% last month, the Labor Department said on Thursday. Economists polled by Reuters had forecast the PPI would rebound 0.2% on the month and rise 0.4% on a year-on-year basis. A 0.2% increase in the prices of services accounted for the rise in the monthly PPI last month. Excluding the volatile food and energy components, the so-called core goods prices fell 0.2% last month after climbing 0.1% in May.

Persons: Lucia Mutikani, Paul Simao Organizations: Labor Department, PPI, Reuters, Services, Energy, Thomson

☆ June wholesale prices rise less than expected in another encouraging inflation report
▼ + stars: | 2023-07-13 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: 1 min

The producer price index for June had a smaller-than-expected increase, the Labor Department reported Thursday, in the latest sign that inflation is calming in the United States. The PPI climbed 0.1% when excluding food, energy and trade services, which was in line with expectations. The producer report comes a day after the consumer price index for June showed a smaller-than-expected increase. The wholesale producer numbers have declined faster than the consumer inflation data. In May, the headline PPI number actually fell 0.4%, and was unchanged when excluding food, energy and trade services.

Persons: Dow Jones Organizations: Labor Department, PPI, Federal Locations: United States

☆ Stocks rise, but Cramer cautions investors to 'temper enthusiasm'
▼ + stars: | 2023-07-13 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Stocks rise on inflation data Stick with Disney Watch Meta 1. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Walt Disney, Bob Iger, Jim, Cowen, Mark Zuckerberg's, —, TD Cowen, Jim Cramer's Organizations: CNBC, Disney Watch, U.S . Labor, Federal Reserve, Nasdaq, Disney, Inc, Meta

☆ Wall Street cheers cool CPI with stock rally; dollar, yields decline
▼ + stars: | 2023-07-12 | by ( Lawrence Delevingne | Thomson Reuters | Delevingne Works Primarily On Enterprise Stories Related To Finance. He Joined Reuters In | ) www.reuters.com time to read: +4 min

REUTERS/Ralph OrlowskiSummaryCompanies U.S. CPI data for June shows inflation slowdownWall Street stocks gainDollar, Treasury yields dropOil and gold gainJuly 12 (Reuters) - Wall Street stocks advanced on Wednesday and the dollar and Treasury yields fell after new U.S. inflation data showed a slowdown in the seemingly relentless rise of consumer prices. The Consumer Price Index (CPI) gained just 0.2% last month, the Labor Department said on Wednesday, lifted by rises in gasoline prices as well as rents, which offset a decrease in prices of used motor vehicles. Shares of big tech-related companies, which tend to be sensitive to higher interest rates, gave the S&P 500 its biggest boost. /FRXU.S. Treasury yields also dropped, with the 10-year Treasury yield now at 3.865%, down 11.9 basis points . Wall Street banks overall are expected to report higher profits as rising interest payments offset a downturn in deal making.

Persons: Ralph Orlowski, Alexandra Wilson, Elizondo, Bryce Doty, Australia's, Wells, Scott Wren, Wren, Brent, Lawrence Delevingne, Marc Jones, Ankur Banerjee, Jan Harvey, Chizu Nomiyama, Will Dunham, Mark Heinrich Our Organizations: REUTERS, Companies U.S, Treasury, Index, Labor Department, Dow Jones, Nasdaq, Goldman Sachs Asset Management, CPI, Bank of England, U.S, Sit Investment, Fed, Japan's Nikkei, JPMorgan, Citigroup, Wells, Investment Institute, Brent, Wednesday, Thomson Locations: Frankfurt, Germany, U.S, Minneapolis, Asia, Wednesday ., Boston, London, Singapore, Carolina, New York

☆ Nasdaq leads Wall St to higher close as CPI report lifts sentiment
▼ + stars: | 2023-07-12 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Shares of big tech-related companies, which tend to be sensitive to higher interest rates, gave the S&P 500 its biggest boost. The Labor Department report also showed the smallest monthly gain in underlying consumer prices since August 2021. The S&P 500 banks index (.SPXBK) was up 0.6%. Advancing issues outnumbered declining ones on the NYSE by a 3.23-to-1 ratio; on Nasdaq, a 1.93-to-1 ratio favored advancers. The S&P 500 posted 66 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 129 new highs and 42 new lows.

Persons: Michael James, Quincy Krosby, Marvel, Janet Yellen's, Caroline Valetkevitch, Johann M Cherian, Shashwat Chauhan, Shinjini Ganguli, Nick Zieminski, David Gregorio Our Organizations: Nvidia, Broadcom, Dow, Nasdaq, Reserve, CPI, Wedbush Securities, Dow Jones, Labor Department, JPMorgan Chase, chipmaker Broadcom, VMware, Marvell Technology, Treasury, NYSE, Thomson Locations: Los Angeles, North Carolina, U.S, York, China, Beijing, Bengaluru

[1/2] A trader works at the Frankfurt stock exchange, amid the coronavirus disease (COVID-19) outbreak, in Frankfurt, Germany, December 30, 2020. The Consumer Price Index (CPI) gained just 0.2% last month, the Labor Department said on Wednesday, lifted by rises in gasoline prices as well as rents, which offset a decrease in prices of used motor vehicles. CPI advanced 3.0% in the 12 months through June, down from 4.0% in May and the smallest year-on-year increase since March 2021. /FRXU.S. Treasury yields also dropped, with the 10-year Treasury yield now at 3.853%, down 12.9 basis points . EARNINGS AHEADOvernight in Asia, Australia's S&P/ASX 200 index (.AXJO) rose 0.4%, while the bouncing yen knocked Japan's Nikkei (.N225) down 0.8%.

Persons: Ralph Orlowski, Alexandra Wilson, Elizondo, Bryce Doty, Australia's, Wells, Scott Wren, Wren, Brent, Lawrence Delevingne, Marc Jones, Ankur Banerjee, Jan Harvey, Chizu Nomiyama, Mark Heinrich Our Organizations: REUTERS, Companies U.S, Treasury, Index, Labor Department, Dow Jones, Nasdaq, Goldman Sachs Asset Management, Bank of England, U.S, Sit Investment, Fed, Bank of Canada, Japan's Nikkei, JPMorgan, Citigroup, Wells, Investment Institute, Brent, Thomson Locations: Frankfurt, Germany, U.S, Minneapolis, Asia, dealmaking, Boston, London, Singapore, Carolina, New York

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