The stock market fell on Tuesday as a hot inflation report overshadowed the start of the second-quarter earnings season. Specifically, the June consumer price index was up 5.4% versus forecasts for a rise of 5%. This represented the highest 12-month rate since August 2008.Earnings beats by JPMorgan Chase (JPM) and Goldman Sachs (GS) offset some of the inflation concerns though, with the broader market and Tech setting another round of fresh all-time highs. The blue-chips and small-caps lagged throughout the session but expectations for a strong earnings quarter should continue to support the market over the near-term.The Nasdaq ended in the red at 14,677 (-0.4) despite tapping an intraday record high of 14,803. Key resistance at 14,750 was cleared but held for the second-straight session. Continued closes above this level keeps upside towards 14,850-15,000 in play.The S&P 500 went out at 4,369 (0.4%) with the new all-time high hitting 4,392. Unchartered territory and key resistance at 4,400 was challenged but held before the lower close. A move above this level would suggest additional momentum towards 4,425-4,450.The Dow tested an intraday low of 34,876 before finishing at 34,888 (-0.3%). Fresh and upper support at 34,750-34,500 was challenged but easily held. A drop below the latter would indicate a retest towards 34,250-34,000 and the 50-day moving average.The Russell 2000 finished at 2,238 (-1.9%) and the session low. Key support at 2,250 and the 50-day moving average were breached and failed to hold. Continued closes below these levels keeps additional weakness towards 2,225-2,200 in the mix.
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Airbnb (ABNB) upgraded to Buy from Underperform at Gordon HaskettBoeing (BA) upgraded to Peer Perform from Underperform at Wolfe ResearchHanesbrands (HBI) upgraded to Overweight from Equal Weight at Wells FargoFirst Solar (FSLR) downgraded to Neutral from Buy at CitiSapiens (SPNS) downgraded to Neutral from Overweight at JPMorganUnited Airlines (UAL) downgraded to Hold from Buy at Argus
WEDNESDAY’S EARNINGS ANNOUNCEMENTS Before the open: BlackRock (BLK), Citigroup (C), Delta Air Lines (DAL), Infosys Technologies (INFY), PNC Bank (PNC), Wells Fargo (WFC)
After the close: Cinedigm (CIDM0), Exfo (EXFO)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amProducer Price Index – 8:30amBeige Book – 2:00pm
METALS/ OILGold closed at $1,809.90 an ounce, up $4.00Silver settled at $26.14 an ounce, down $0.10Copper finished at $4.31 a pound, down $0.01Crude Oil was at $75.23 a barrel, up $1.08Bitcoin Investment Trust (GBTC) ended at $26.40 down $0.50
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