US Stocks Edge Higher; Inflation Slows To 3% In June

U.S. stocks traded slightly higher this morning, with the Dow Jones index gaining around 0.1% on Thursday.

Following the market opening Thursday, the Dow traded up 0.06% to 39,745.57 while the NASDAQ rose 0.08% to 18,661.87. The S&P 500 also rose, gaining, 0.04% to 5,636.44.

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Leading and Lagging Sectors

Real estate shares jumped by 2.6% on Thursday.

In trading on Thursday, information technology shares fell by 1.3%

Top Headline

The Consumer Price Index in the United States slowed more than expected in June. Headline CPI inflation slowed from 3.3% in May 2024 to 3% in June 2024 on a year-over-year basis, below the 3.1% expected among economists, as tracked by TradingEconomics.

On a monthly basis, inflation contracted by 0.1% compared to May 2024, decelerating from the previous flat reading and marking the lowest print since May 2020.

Equities Trading UP
                       

• Biodexa Pharmaceuticals Plc BDRX shares shot up 101% to $1.43 after the company reported 12-month Phase 2 trial results for eRapa in treating Familial Adenomatous Polyposis.
• Shares of Volcon, Inc. VLCN got a boost, surging 84% to $6.72 in response to a series of buy-sell transactions by UBS Group AG UBS.
• Kazia Therapeutics Limited KZIA shares were also up, gaining 62% to $1.1000. Kazia Therapeutics, on Wednesday, announced results from GBM-AGILE, a phase II/III study that included an evaluation of paxalisib versus standard of care for patients with glioblastoma.

Equities Trading DOWN

• TuanChe Limited TC shares dropped 20% to $1.54.
• Shares of Inspire Veterinary Partners, Inc. IVP were down 23% to $5.70 after jumping 110% on Wednesday. Inspire Veterinary Partners announced the closing of $6 million public offering.
• Cingulate Inc. CING was down, falling 19% to $0.5276 after gaining 74% on Wednesday.

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Commodities

In commodity news, oil traded up 0.3% to $82.34 while gold traded up 0.3% at $2,387.50.

Silver traded up 0.72% to $31.245 on Thursday, while copper fell 0.7% to $4.5750.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.2%, Germany's DAX gained 0.1% and France's CAC 40 rose 0.2%. Spain's IBEX 35 Index rose 0.2%, while London's FTSE 100 rose 0.2%.

The UK’s trade deficit narrowed to £4.89 billion in May versus a revised £6.42 billion in the previous month, while British economy grew by 0.4% month-over-month in May. Industrial production in the UK increased 0.2% month-over-month for May. Annual inflation rate in Germany eased to 2.2% in June from 2.4% in the prior month.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei gaining 0.94%, Hong Kong's Hang Seng Index jumping 2.06%, China's Shanghai Composite Index climbing 1.06% and India's S&P BSE Sensex falling 0.03%.

Japanese core machinery orders declined 3.2% month-over-month to 857.8 billion yen during May versus a 2.9% decline in April.

Economics

• The Consumer Price Index in the United States slowed more than expected in June. Headline CPI inflation slowed from 3.3% in May 2024 to 3% in June 2024 on a year-over-year basis, below the 3.1% expected among economists, as tracked by TradingEconomics.
• On a monthly basis, inflation contracted by 0.1% compared to May 2024, decelerating from the previous flat reading and marking the lowest print since May 2020.
• U.S. initial jobless claims declined by 17,000 to 222,000 in the week ending July 6, compared to market estimates of 236,000.

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