S&P 500 Market Update July 2023: Inflation Drops Drive 1% Surge in Stocks
On July 28, 2023, U.S. stock markets rallied strongly as inflation data for June showed a significant cooling, pushing the S&P 500 up by 1%. Discover which top S&P 500 companies gained and which faced losses amid these market shifts.
Bill McColl brings over 25 years of expertise as a senior producer and writer across TV, radio, and digital platforms, leading teams in delivering impactful news coverage on major global events.
After a sharp selloff on Thursday, U.S. equities surged back on Friday, July 28, 2023, with the S&P 500 climbing 1% following encouraging inflation data that indicated easing price pressures. The Dow Jones Industrial Average, S&P 500, and Nasdaq all closed the week with positive gains, signaling renewed investor confidence.
Highlights
- U.S. stocks rallied on July 28, 2023, after inflation data revealed a slowdown in June, boosting the S&P 500 by 1%.
- The Dow, S&P 500, and Nasdaq all finished the week with gains.
- Intel's shares surged due to successful cost-cutting and a return to profitability.
Top 5 S&P 500 Stocks Showing Gains
Intel Corporation
Intel (INTC) shares jumped 6% as the semiconductor giant reported a profitable second quarter and provided optimistic guidance for the upcoming quarter, driven by effective cost reduction strategies.
T. Rowe Price
T. Rowe Price (TROW) shares rose 8% after the investment firm reported profits exceeding expectations, boosted by stock market gains that increased assets under management.
Cincinnati Financial Corporation
Cincinnati Financial (CINF) shares climbed nearly 7% following earnings that surpassed forecasts, helped by higher insurance premiums.
Biogen
Biogen (BIIB) shares increased by 1% after announcing a $7.3 billion acquisition of Reata Pharmaceuticals (RETA), expanding its portfolio in rare disease treatments.
DexCom
DexCom (DXCM) shares rose 2% as the company raised its full-year revenue outlook, driven by strong demand for its glucose-monitoring devices.
Top 5 S&P 500 Stocks Facing Losses
Enphase Energy
Enphase Energy (ENPH) shares fell 7.5% after the solar company issued a sales forecast below expectations, citing weaker U.S. demand.
Juniper Networks
Juniper Networks (JNPR) shares dropped 7% as the networking equipment provider reported lower-than-expected revenue forecasts due to soft bookings.
Mohawk Industries
Mohawk Industries (MHK) shares declined 7%, impacted by falling profits and sales attributed to high interest rates and inflation affecting the housing market.
Exxon Mobil
Exxon Mobil (XOM) shares slipped 1% after a 56% drop in profits, driven by declining oil and gas prices.
Ford Motor Company
Ford (F) shares lost 3.5% following warnings about electric vehicle demand and production costs, combined with a recall of 870,000 F-150 trucks over braking issues.
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