July 14, 2023: Stocks and Indices Performance Review

US stocks and indices performance wrap up.

Alphabet stock gained $69 billion in a single day, and PepsiCo stock achieved its highest daily gains in 8 months.

The US markets closed with strong gains on Thursday, as producer price data lifted investor hopes of a pause in the US Federal Reserve’s tightening policy.

The Producer Price Index (PPI) rose by 0.1% annually in June, marking the smallest increase since August 2020.

On Wednesday, the Consumer Price Index (CPI) report showed that inflation in the United States recorded its lowest annual increase in over two years.

US30: The Dow Jones Industrial Average rose by 0.14%, or approximately 48 points, achieving its fourth consecutive daily gain.

US500: The S&P 500 also rose by about 0.85%, closing above the 4,500-point level for the first time in 15 months.

USTEC: The Nasdaq Composite Index jumped by 1.58%, recording its highest daily gains in two weeks and closing above the 14,100-point level for the first time since April 2022.

Alphabet stock:
Alphabet stock jumped by around 4.7%, marking its highest daily gains in 5 months and adding approximately $69 billion to its market value in a single session.

The gains for Google’s parent company came after it announced its intention to launch the artificial intelligence chatbot Bard in Europe and Brazil, easing concerns about external regulatory issues.

PepsiCo stock:
PepsiCo stock jumped by 2.4%, recording its highest daily gains in 8 months after the company raised its revenue and annual profit expectations for the second time.

The company expects organic revenue growth of 10% for 2023, compared to the previous expectations of an 8% increase.

It also forecasted annual core earnings per share of $7.47, compared to the previous estimate of $7.27.

The Nikkei index declined ahead of the Bank of Japan’s policy meeting.

Contrary to its trajectory, the Nikkei index closed lower on Friday, July 14, due to caution ahead of the Bank of Japan’s monetary policy meeting. The strengthening of the yen against the dollar also prompted investors to sell stocks.

The Nikkei index fell by 0.09% to 32,391.26 points at the close, retracting from a 1% jump earlier in the session. The index remained stable throughout the week.

Similarly, the broader Topix index reversed its course and declined by 0.17% to 2,239.10 points, losing 0.7% for the week.

The Bank of Japan is scheduled to hold its monetary policy meeting on July 27 and 28. Speculation that the central bank will adjust its highly accommodative policy led to a rise in yields on Japanese government bonds. On Friday, the ten-year bond yield reached its highest level in four and a half months.

At the same time, the yen rose, touching a two-month high at 137.245 against the dollar earlier in the session. It was on track for its best weekly performance against the dollar since January, while it hovered near its lowest level against the Japanese currency in 15 months.

European stocks opened lower but are heading for their best weekly performance in over three months.

European stocks declined on Friday but remain on track for their biggest percentage weekly jump in over three months, driven by hopes that the Federal Reserve will soon halt interest rate hikes as inflation subsides.

The European Stoxx 600 index fell by 0.2% as of 07:02 GMT.

However, it has risen by 2.9% this week, heading for its best weekly performance since the end of March and nearly recovering all last week’s losses.

Data on US consumer and producer prices, released earlier this week, sparked speculation that the economy has entered a phase of slowing inflation and that the Federal Reserve may pause its monetary tightening after July for a brief period.

The Stoxx 600 index faced pressure on Friday due to a 0.6% decline in telecom stocks, including Nokia, whose shares dropped by 5.3% after lowering its full-year outlook.

Swedish competitor Ericsson also fell by about 4.2% after announcing a 62% decline in adjusted operating profit for the second quarter.

Mining stocks, among the top gainers this week, also declined by 0.6%.

Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances, or needs.

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