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The U.S. Bureau of Labor Statistics reported Tuesday morning that the consumer price index rose 0.3% in June, which is exactly what economists had predicted would happen. The monthly increase puts the annual inflation rate at 2.7% currently — also in line with expectations.
“Core” inflation (which excludes food and energy costs, both of which rose in June) was both better and worse, up only 0.2% for the month of June, but tracking for 2.9% annual inflation. Again, however, this is all exactly as economists had predicted.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) is pretty pleased with the news, and up 0.5% premarket.
Earnings
Earnings are starting to come in fast and furious with multiple big bank S&P 500 component companies reporting Q2 results.
Wells Fargo (NYSE: WFC) reported $1.60 per share in profit, $0.20 better than expected.
Citigroup (NYSE: C) reported $1.96 per share in Q2 profits, $0.35 better than expected.
JPMorgan Chase (NYSE: JPM) reported $4.96 per share, $0.48 better than expected.
In each case, revenue also exceeded expectations.
Analyst Calls
Outside of banking, S&P 500 component company Otis Worldwide (NYSE: OTIS) gets an upgrade to overweight from J.P. Morgan with a $109 price target. And fellow component company Zimmer Biomet (NYSE: ZBH) is similarly upgraded to buy by Roth/MKM, with a $135 price target.
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The post Stock Market Live July 15: Today’s S&P 500 (VOO) Rise Is No Surprise appeared first on 24/7 Wall St..
