Friday, 14 July 2017
Wall Street flat ahead of inflation data and key earnings
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Wall Street
US equity indexes pointed to a flat open on Friday, with market players focusing on inflation data and looking ahead of corporate earnings reports from major investment banks.
On Thursday, Wall Street top three indexes were able to secure a green close thanks to Target stocks, which rose 4.8 percent following a statement from the company saying it expects a “modest increase” in Q2 comparable-store sales.
The Dow Jones industrial average added 20.95 points to end at 21,553.09 by the closing bell, with Wal-Mart and Goldman leading advancers. The S&P 500 edged up 0.19 percent, with the retail sector showing its best performance in the year. The SPDR S&P Retail grew 2.3 percent.
- Dow Jones Industrial Average: 20.95 / 0.10% / 21553.09
- Standard & Poor’s 500: 4.58 / 0.19% / 2447.83
- Nasdaq Composite: 13.27 / 0.21% / 6274.44
On the data front, the producer price index showed a 0.1 percent increase in June, up from an initially estimated flat outcome. Weekly jobless claims were above expectations at 247,000.
Federal Reserve Chairwoman Janet Yellen spoke for the second time this week before the House Financial Services Committee, recognizing improvements in the economy and reassuring that the plan to raise interest rates for a third time this year is still on place.
Ahead in the day, market players will be paying close attention to a batch of economic data from the United States, including the consumer price index and retail sales at 12:30 GMT. June’s industrial production is set for release as of 13:15 GMT.
In a separate report, the University of Michigan will present its preliminary consumer expectation and consumer sentiment indexes at 14:00 GMT, with 84.0 and 95.0 eyed.
On the earnings front, the Street will count on the Q2 earnings and revenues from JPMorgan Chase, Wells Fargo and Citigroup before the bell.
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