U.S. Stock Market Surges Midday on July 13, 2023, as Inflation Slows – Key Tech Stocks Rally
On July 13, 2023, U.S. equities climbed steadily midday following fresh data indicating a slowdown in inflation, fueling optimism for potential Fed policy easing.
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 events.
Highlights
- U.S. stocks rose midday on July 13, 2023, driven by a second inflation report showing a slower price increase.
- Alphabet shares surged after announcing a global expansion of its Bard AI chatbot capabilities.
- Progressive Insurance's earnings fell short of expectations, causing shares to decline.
The positive momentum in U.S. equity markets persisted midday as new wholesale price data reinforced yesterday’s consumer price report, both signaling inflation growth below forecasts. This bolstered investor confidence that the Federal Reserve might consider easing its stringent monetary policies. Major indices including the Dow Jones, S&P 500, and Nasdaq posted gains, while the 10-year Treasury yield declined.
Technology stocks led the rally, with Alphabet (GOOGL) jumping after unveiling an expansion of Bard AI to support more languages worldwide. Other AI-related companies such as Nvidia (NVDA) and Microsoft (MSFT) also experienced notable gains. Additionally, shares of Meta Platforms (META), Amazon (AMZN), and IBM (IBM) rose.
Casino operators MGM Resorts International (MGM), Las Vegas Sands (LVS), and Wynn Resorts (WYNN) saw share increases following CBRE’s raised earnings forecasts. Copper futures surged, lifting mining companies like Freeport-McMoRan (FCX) and competitors.
Conversely, Progressive Corporation (PGR) was the weakest S&P 500 stock after reporting earnings below analyst estimates. Exxon Mobil (XOM) shares dropped amid news of its $4.9 billion acquisition of carbon capture firm Denbury (DEN). Satellite provider Viasat (VSAT) shares also fell sharply after reporting a malfunction in its newly launched communications satellite.
Commodities such as oil and gold prices rose, while the U.S. dollar weakened against the euro, pound, and yen. Most major cryptocurrencies traded higher.
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