Market Recap – July 28th
Personal Consumption Expenditures (PCE) Price Index, showed a cooling in pricing pressures in the US economy. On a “core” basis, which excludes food and energy, prices rose 4.1% over the prior year in June, the lowest since September 2021. This followed earlier CPI numbers that showed core inflation rose 4.8% over the prior year. The Dow Jones Industrial Average rose 0.5%, the S&P 500 increased by 1%, and the Nasdaq Composite climbed nearly 2% after a surprise Bank of Japan rate shift rattled markets earlier in the day.
Notably, chip stock Intel jumped over 6% after posting better-than-expected second-quarter earnings results, while Roku shares surged 31% after reporting a smaller-than-expected loss for the recent quarter and higher revenue.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.