Dow Jumps 100 Points; Producer Inflation Surpasses Expectations For June

U.S. stocks traded higher this morning, with the Dow Jones index gaining around 100 points on Friday.

Following the market opening Friday, the Dow traded up 0.25% to 39,853.88 while the NASDAQ rose 0.25% to 18,329.05. The S&P 500 also rose, gaining, 0.22% to 5,596.73.

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Leading and Lagging Sectors

Real estate shares jumped by 0.6% on Friday.

In trading on Friday, communication services shares fell by 0.5%.

Top Headline

The Producer Price Index released Friday revealed a higher-than-expected increase in June.

In June, the headline PPI for final demand rose by 0.2% month-over-month, rebounding sharply from the upwardly revised flat reading in May and surpassing economists' expectations – as tracked by TradingEconomics – of a 0.1% increase. On an annual basis compared to June 2023, the overall producer basket rose by 2.6%, reaching its highest point since March 2023.

Equities Trading UP
                       

• Vicinity Motor Corp. VEV shares shot up 130% to $0.78 after the company announced CARB certification for the VMC 1200 class 3 electric truck.
• Shares of TOYO Co., Ltd TOYO got a boost, surging 84% to $2.85.
• Crown LNG Holdings Limited CGBS shares were also up, gaining 66% to $4.02.

Equities Trading DOWN

• Shineco, Inc. SISI shares dropped 53% to $0.9892 after the company announced pricing of a $2 million underwritten public offering.
• Shares of Kazia Therapeutics Limited KZIA were down 19% to $1.0101. HC Wainwright & Co. analyst Sean Lee reiterated Kazia Therapeutics with a Buy and maintained a $2 price target.
• Cyngn Inc. CYN was down, falling 16% to $6.15.

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Commodities

In commodity news, oil traded up 1% to $83.45 while gold traded down 0.6% at $2,407.20.

Silver traded down 2.2% to $30.975 on Friday, while copper rose 0.7% to $4.5380.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.4%, Germany's DAX gained 0.4% and France's CAC 40 rose 0.8%. Spain's IBEX 35 Index rose 0.5%, while London's FTSE 100 rose 0.3%.

Spanish annual consumer price inflation rate eased to 3.4% in June from 3.6% in May, while annual inflation rate in France slowed to 2.2% in June from 2.3% in the prior month. German wholesale prices fell by 0.6% year-over-year in June.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan's Nikkei falling 2.45%, Hong Kong's Hang Seng Index jumping 2.59%, China's Shanghai Composite Index gaining 0.03% and India's S&P BSE Sensex surging 0.78%.

Foreign exchange reserves held by the Reserve Bank of India climbed to $657.2 billion as of July 5. Industrial production growth in Japan rose 3.6% month-over-month in May. Chinese trade surplus widened to $99.05 billion in June from $69.80 billion in the year-ago period.

Economics

In June, the headline PPI for final demand rose by 0.2% month-over-month, rebounding sharply from the upwardly revised flat reading in May and surpassing economists' expectations – as tracked by TradingEconomics – of a 0.1% increase. On an annual basis compared to June 2023, the overall producer basket rose by 2.6%, reaching its highest point since March 2023.

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