S&P 500 Index opens modestly lower after US inflation report

Wall Street's main indexes opened modestly lower on Tuesday.
Energy and financial stocks underperform after the opening bell.
Annual CPI inflation in US rose to 5.4% in June.

Eren Sengezer FXStreet

Major equity indexes in the US started the day in the negative territory Tuesday as investors assess the June inflation report. As of writing, the S&P 500 was down 0.17% at 4,377, the Dow Jones Industrial Average was losing 0.1% at 34,960 and the Nasdaq Composite was falling 0.05% at 14,872.

The US Bureau of Labor Statistics reported earlier in the day that the Consumer Price Index (CPI) climbed to 5.4% on a yearly basis in June from 5% in May, surpassing the market expectation of 4.9% by a wide margin.

Among the 11 major S&P 500 sectors, the Financials Index is down 0.55% and the Energy Index is losing 0.4%. On the other hand, the Consumer Staples Index is posting modest gains after the opening bell.

JPMorgan Chase & Co. reports Q2 net income of $11.9 billion, $3.78 per share.

Goldman Sachs reports Q2 revenue of $15.39 billion with EPS of $15.02.

S&P 500 chart (daily)

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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