Here's where things stand today,
July 16:
Dow Jones Industrial Average:
~52,664, up about 0.3% (+156 points)
as of midday trading, with the market open.The Dow was trading at 52,664.41, up
0.30% or 156.14 points, as of 2:00 PM EDT.
Context from this week:
- Wednesday (July 15), the Dow rose 150.37 points, or
0.29%, to close at 52,658.64, while the S&P 500 gained 0.38% to
7,572.40 and the Nasdaq climbed 0.62% to 26,269.23. Big Tech led gains,
with Amazon and Alphabet up around 3%, Microsoft up nearly 3%, and Apple
up 4% to a new all-time high, while chipmakers like Micron and Lam
Research declined.
- Markets have been digesting cooling inflation data —
June producer prices rose less than expected, aligning with a soft CPI
report and further easing fears the Fed might raise rates.
- Geopolitics is a live factor: stocks have been
supported by signs that the Iran conflict hasn't been as inflationary as
feared, though oil prices spiked earlier in the week after the U.S.
reinstated a blockade on Iranian shipping through the Strait of Hormuz.
- Bank earnings have been strong — Morgan Stanley,
JPMorgan, Bank of America, Citi, and Goldman Sachs all posted strong Q2
results, and BlackRock shares jumped over 5% after beating estimates with
$13.91 EPS on $7.08 billion in revenue.
Today's earnings to watch: Taiwan Semiconductor, GE Aerospace, UnitedHealth Group,
Abbott Laboratories, US Bancorp, Netflix, and Intuitive Surgical are all
expected to report earnings today (July 16).
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