US stocks hit all-time highs again on Thursday, rallying for the fifth straight day.
Early in the trading session the Dow shot up 130 points and the S&P 500 jumped 13 points to 2,166.40 — new intra-day highs.
As for how they finished, let’s head to the scoreboard:
- Dow: 18,520.45 (+0.8%)
- S&P 500: 2,163.57 (+0.6%)
- Nasdaq: 5,034.06 (+0.6%)
- WTI crude oil: $45.44 (+1.5%)
- 10-year Treasury yield: 1.532 (+4.4%)
1. Producer prices rose more than expected. The producer price index (PPI) for final demand rose by 0.5% in June, according to the Labour Department. Economists were expecting a 0.3% increase. The jump in prices was led by the index for final demand services, notably those related to securities brokerage and dealing, which increased 7.7%. Meanwhile, the index for final demand goods jumped by 0.8%, the most since May 2015, and was led by a 9.9% jump in the gas-price index.
2. Initial jobless claims held steady. Initial jobless claims held steady at 254,000 from the prior week. Economists were expecting them to rise slightly to 265,000. Claims have not risen above 300,000 for 71 straight weeks now — the longest stretch since 1973.
3. Consumer reports wants Tesla to turn off part of its Autopilot technology. The influential consumer review magazine said the recent fatal crash that occurred while the Autopilot feature was engaged on a Tesla Model S should give pause to the “company’s aggressive roll-out of self-driving technology.
The report continued: “Consumer Reports experts believe that these two messages — your vehicle can drive itself, but you may need to take over the controls at a moment’s notice — create potential for driver confusion.”
4. JPMorgan beats. The firm reported adjusted earnings per share of $1.46 on revenue of $25.20 billion. Analysts were expecting adjusted earnings of $1.43 a share on revenue of $24.50 billion, according to Bloomberg.
“Throughout the recent uncertainty and turbulence in the markets, we continued to be there for our clients — solid and steadfast to meet their needs, execute their transactions and provide liquidity,” CEO Jamie Dimon said in a statement.
5. Delta just said the “B” word… Delta Air Lines announced adjusted earnings per share of $1.47 (versus $1.42 expected, according to Bloomberg) on operating revenue of $10.4 billion ($10.5 billion forecast.) And then the company announced one of the impacts that Britain’s unexpected decision last month to leave the European Union would have on its operations: “With the additional foreign currency pressure from the steep drop in the British pound and the economic uncertainty from Brexit, Delta has decided to reduce 6 points of U.S.-U.K. capacity from its winter schedule.” It’s not unlikely that other firms will be referencing Brexit as well as we move through earnings season.
6. Multiple sources report that Donald Trump will select Indiana governor Mike Pence as his VP choice. Capital Hill newspaper first reported on Thursday morning that Trump is expected to pick Indiana governor Mike Pence as his running mate, citing a Republican “with direct knowledge of the decision.” However, a senior Trump communications adviser cautioned on Twitter that Trump had not yet made an official decision on his vice presidential choice.
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