Stocks Climb on a Benign U.S. CPI Report

Stocks this morning are moderately higher, with the Dow Jones Industrials posting a 1-week high. Today’s benign U.S. July CPI report bolstered the outlook for the Fed to pause its interest rate hike campaign and is fueling stock gains. Also, a jump in U.S. weekly jobless claims to a 5-week high knocked T-note yields lower and is bullish for equities. In addition, M&A activity supports equities after Tapestry agreed to acquire Capri Holdings for $8.5 billion.

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S&P500 Trades Below 200- Day MA, Dip Till 2720 Likely

S&P500 continues to trade lower and lost more than 1%.In this month the index declines more than 6.5% on account of renewed trade war.US President Trump said that US will impose 5% on Mexican imports from Jun 10th 2019 and to put additional tariff of 25% if Mexico does not “reduce or eliminate number of illegal aliens”.

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