hit the highest level since January 1982. The report is a key inflation measure.
Solid earnings reports from Amazon and Apple boosted each company stock and lifted the indexes higher to round out July. Energy companies such as Chevron and Exxon Mobil also rose on better-than-expected reports, ending Friday higher. Not all earnings have been rosy, however. Meta Platforms and Intel both posted disappointing results, sending shares lower.Stock futures opened just slightly lower to start trading Sunday evening.
Stocks enter the typically volatile month of August with a tailwind. There are dozens of earnings reports, with more than 20% of the S&P 500 companies reporting. There is also key data, with Friday's July jobs report the most important. Big economic reports could become important catalysts now that the Federal Reserve has indicated it is going to rely on data for its decision on how much to raise interest rates in September. Fed Chairman Jerome Powell said the labor market remains strong, and investors worried about an economic slowdown will be carefully watching to see how strong job creation remains. There are 250,000 jobs expected. According to CFRA, since 1995, the S&P 500 has averaged a 0.5% decline in August.
"A lot of this is better than feared. If that process continues, it's likely to help the market grind higher. The market seems to be sitting on this notion that we had priced in Armageddon and thus far, that has not been thrust upon us," said one strategist.
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