Trish: Markets Mixed Amid Scorching Hot Inflation Data

Investors are trying to digest what the newest (and hottest) reads on inflation might mean for markets.

On Wednesday, the consumer price index registered another 5.4% year-over-year gain in inflation in July.

Today, another fresh read on inflation, producer prices (what U.S. producers pay for goods and services) also showed pricing soaring to new highs. The U.S. Producer Price Index (PPI) increased 1.0% in July, worse than the estimated 0.6%.

Equities

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Stocks were mixed amid the worse-than-expected inflation data hit. 

Level Chg. Chg. %
DOW Futures 35,391.00 19 0.05%
S&P 500 Futures 4,438.25 -2.25 -0.05%
Nasdaq Futures 14,991.75 -27.75 -0.18%

 

U.S. Dollar and Treasuries

U.S. Treasury yields rose in premarket trading. The yields on the 10-year Treasury were up one basis point. The dollar strengthened against a basket of major currencies. 

Price Chg. Chg. %
U.S. Dollar Index (DXY): 93 +0.08 (+0.08%)

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.080% -0.003 0.083%
U.S. 2 Year Treasury Note 0.225% 0.008 0.217%
U.S. 5 Year Treasury Note 0.828% 0.023 0.805%
U.S. 10 Year Treasury Note 1.373% 0.016 1.337%
U.S. 20 Year Treasury Bond 1.915% 0.010 1.905%
U.S. 30 Year Treasury Bond 2.012% 0.010 2.002%

 

Stocks To Watch

Xeris Pharmaceuticals announced that the FDA has given a green light for the study on its XeriSol levothyroxine drug for hypothyroidism.

Stocks of Zomedica Pharmaceuticals dropped after the company reported disappointing Q2 results. The company reported earnings per share at  -$0.005.

Software company Powerbridge announced expanding its blockchain business into crypto mining of Bitcoin and Ethereum, with planned operations globally. 

Clover Health reported positive Q2 financial results. The popular “meme stock” surged on the news. 

Symbol Price Chg. Chg. % Volume
Powerbridge PBTS $1.86 +0.6000 +47.62% 3.31M
Clover Health CLOV $9.43 +1.32 +16.28% 2.34M
Xeris Pharmaceuticals XERS $2.63 +0.290 +12.39% 2.14M
Zomedica Pharma ZOM $0.49 -0.0728 -12.88% 1.60M

 

Commodities To Watch

Oil prices dropped as the Biden administration pushed OPEC and other oil-exporting countries to increase production. Not something you would expect from an administration that says combatting climate change is its top priority. Gold was dropped against the dollar. 

Price Chg. %
WTI Crude Oil $69.05 -0.29%
Brent Crude Oil $71.33 -0.15%
Natural Gas $4.04 -0.59%
Gold $1,750.80 -0.14%
Silver $23.37 -$0.01
Copper $4.39 0.56%
Soybeans $1,333.50 -0.49%

 

Crypto

Crypto markets are slightly up as alt-coins make up for Bitcoin and Ethereum losses.

Global cap global cap chg.%
$1.89T 1.47%

  

Symbol Price Chg. % Market Cap.
Bitcoin BTC $45,225.35 -1.95% $849.50b
Etherium ETH $3,137.89 -2.96% $366.06b
Cardano ADA $1.79 +0.03% $55.57b
Ripple XRP $1.00 +12.42% $44.26b
Dogecoin DOGE $0.2725 +1.12% $35.65b

 

 

 

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