US Stocks Edge Higher; Inflation Slows To 3% In June

Author: Avi Kapoor | July 11, 2024 09:38am

U.S. stocks traded slightly higher this morning, with the Dow Jones index gaining around 0.1% on Thursday.

Following the market opening Thursday, the Dow traded up 0.06% to 39,745.57 while the NASDAQ rose 0.08% to 18,661.87. The S&P 500 also rose, gaining, 0.04% to 5,636.44.

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Leading and Lagging Sectors

Real estate shares jumped by 2.6% on Thursday.

In trading on Thursday, information technology shares fell by 1.3%

Top Headline

The Consumer Price Index in the United States slowed more than expected in June. Headline CPI inflation slowed from 3.3% in May 2024 to 3% in June 2024 on a year-over-year basis, below the 3.1% expected among economists, as tracked by TradingEconomics.

On a monthly basis, inflation contracted by 0.1% compared to May 2024, decelerating from the previous flat reading and marking the lowest print since May 2020.

Equities Trading UP

Biodexa Pharmaceuticals Plc (NASDAQ:BDRX) shares shot up 101% to $1.43 after the company reported 12-month Phase 2 trial results for eRapa in treating Familial Adenomatous Polyposis.
Shares of Volcon, Inc. (NASDAQ:VLCN) got a boost, surging 84% to $6.72 in response to a series of buy-sell transactions by UBS Group AG (NYSE:UBS).
Kazia Therapeutics Limited (NASDAQ:KZIA) shares were also up, gaining 62% to $1.1000. Kazia Therapeutics, on Wednesday, announced results from GBM-AGILE, a phase II/III study that included an evaluation of paxalisib versus standard of care for patients with glioblastoma.

Equities Trading DOWN

TuanChe Limited (NASDAQ:TC) shares dropped 20% to $1.54.
Shares of Inspire Veterinary Partners, Inc. (NASDAQ:IVP) were down 23% to $5.70 after jumping 110% on Wednesday. Inspire Veterinary Partners announced the closing of $6 million public offering.
Cingulate Inc. (NASDAQ:CING) was down, falling 19% to $0.5276 after gaining 74% on Wednesday.

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Commodities

In commodity news, oil traded up 0.3% to $82.34 while gold traded up 0.3% at $2,387.50.

Silver traded up 0.72% to $31.245 on Thursday, while copper fell 0.7% to $4.5750.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.2%, Germany's DAX gained 0.1% and France's CAC 40 rose 0.2%. Spain's IBEX 35 Index rose 0.2%, while London's FTSE 100 rose 0.2%.

The UK’s trade deficit narrowed to £4.89 billion in May versus a revised £6.42 billion in the previous month, while British economy grew by 0.4% month-over-month in May. Industrial production in the UK increased 0.2% month-over-month for May. Annual inflation rate in Germany eased to 2.2% in June from 2.4% in the prior month.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei gaining 0.94%, Hong Kong's Hang Seng Index jumping 2.06%, China's Shanghai Composite Index climbing 1.06% and India's S&P BSE Sensex falling 0.03%.

Japanese core machinery orders declined 3.2% month-over-month to 857.8 billion yen during May versus a 2.9% decline in April.

Economics

The Consumer Price Index in the United States slowed more than expected in June. Headline CPI inflation slowed from 3.3% in May 2024 to 3% in June 2024 on a year-over-year basis, below the 3.1% expected among economists, as tracked by TradingEconomics.
On a monthly basis, inflation contracted by 0.1% compared to May 2024, decelerating from the previous flat reading and marking the lowest print since May 2020.
U.S. initial jobless claims declined by 17,000 to 222,000 in the week ending July 6, compared to market estimates of 236,000.

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