US Equity Indexes Mixed as Investors Digest, Earnings, Fed Chair
The United States (U.S.) equity indexes ended the week mixed as investors digested quarterly earnings and June inflation data alongside President Donald Trump’s denial that he plans to fire Fed Chair Jerome Powell.
The S&P 500 finished at 6,296.79 last Friday, up from 6,259.75 a week earlier. The Nasdaq Composite closed at 20,895.66, an increase from 20,585.53, while the Dow Jones Industrial Average concluded at 44,342.19, slightly lower than 44,371.51.
Positive corporate earnings boosted risk appetite, with traders seeing no justification to go against the current trend. Both the S&P 500 and Nasdaq achieved all-time highs over the past week.
Consumer prices increased by 0.3% in the previous month, in line with predictions and exceeding the 0.1% rise in May. The annual Consumer Price Index (CPI) surged to 2.7% from 2.4%, surpassing the consensus of 2.6%. Core CPI experienced a 0.2% increase, falling short of the expected 0.3%, while the yearly rate reached 2.9%, consistent with estimates.
In June, the Producer Price Index did not increase after a 0.3% rise in May, falling short of Bloomberg’s predicted 0.2% increase. Similarly, the Core PPI remained unchanged, which was lower than the expected 0.2% rise and the previous 0.4% gain.
After reportedly telling Republican lawmakers he’d fire Powell, Trump later called it “highly unlikely,” per CNBC. This follows criticism from Russell Vought, chair of the Office of Management and Budget, over cost overruns in Fed building renovations.
The Fed released a letter Thursday defending those renovation expenses, a growing flashpoint among administration officials and GOP lawmakers. At NYU’s Money Marketeers event, Fed Governor Waller backed a July rate cut of 25 basis points and suggested a brief pause if the data holds. Powell, meanwhile, favors a cautious stance amid tariff-related uncertainty.
Retail sales rose 0.6% in June, beating the 0.1% forecast and rebounding from May’s 0.9% decline. Excluding autos, sales climbed 0.5%; excluding both autos and flat gas station figures, sales rose 0.6%. #US Equity Indexes Mixed as Investors Digest, Earnings, Fed Chair US Dollar Slides as Markets React to Fed Dovish Comment
