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.
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.
