July’s CPI falls short of expectations, while the Nasdaq is anticipated to fall 1.2% in a week; Savers Value Village outperforms with a 3.8% gain.

Overview

The stock market in the United States rose slightly on Friday morning as traders studied the newly released consumer inflation report for July while waiting for more wholesale price data. Futures for the Dow Jones Industrial Average rose by 22 points (0.06%), while futures for the S&P 500 and Nasdaq 100 rose by 0.04%

Several equities shook the market ahead of Friday’s start. With a 3.8% increase, Savers Value Village stood out, exceeding analysts’ revenue estimates with a strong $379.1 million in Q2. MercadoLibre’s stock, on the other hand, had a roller-coaster day, falling more than 3% post-market but reaching a new 52-week high during the primary session before announcing their new CFO appointment. Following a statement about an SEC inquiry into its Grail acquisition, Illumina’s shares fell 1.1%.


The consumer price index increased by 3.2% year over year in July, slightly less than the 3.3% predicted by economists. Nonetheless, when volatile elements such as food and energy are excluded, the core CPI increased by 4.7% over the previous year. This data implies that the Federal Reserve’s initiatives may take longer to settle, resulting in persistently elevated rates.

Forecast for the Short-Term Market

The current mood signals a cautious market. The S&P 500 and Nasdaq are expected to fall 0.2% and 1.2%, respectively, for the fifth week in a row. In comparison, the Dow anticipates a 0.3% weekly increase.

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