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GraniteShares Founder and CEO Will Rhind gives his opinion on dropping major investments.
U.S. stock indices hit record highs on Wednesday as investors digested the latest Consumer Price Index report.
The Dow Jones Industrial Average rose 158 points, or 0.45%, while the S&P 500 Index and the Nasdaq Composite Index rose 0.24% and 0.12% respectively. The first gains extended the records set by the Dow Jones and the S&P on Tuesday.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| Me: DJI | MEDIUM DOW JONES | 35420.67 | +156.00 | + 0.44% |
| SP500 | S&P 500 | 4438 | +1.25 | + 0.03% |
| I: COMP | NASDAQ COMPOSITE INDEX | 14713.899244 | -74.19 | -0.50% |
The July Consumer Price Index showed prices jumped 5.4% per year, matching the June reading for the fastest rise since August 2008. Prices rose 0.5% month over month, slowing from a 0.9% gain in June.
CONSUMER PRICES INCREASE BY 5.4% ANNUAL IN JULY
On the equities side, cyclicals that would benefit from infrastructure spending, including Caterpillar Inc., Cleveland-Cliffs Inc. and Nucor Corp., continued to outperform.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAT | CATERPILLAR, INC. | 217.80 | +3.95 | +1.85% |
| FCF | CLEVELAND-CLIFFS, INC. | 25.32 | -0.69 | -2.63% |
| Naked | NUCOR CORP. | 121.23 | +3.27 | + 2.77% |
Boeing Co. has completed a test flight in China for its 737 Max jet, which has been grounded in the country for two and a half years. It is not known when the aircraft will be cleared to return to service.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 236.68 | +0.96 | + 0.41% |
In deals, cybersecurity firm NortonLifeLock Inc. has agreed to buy London’s Avast Plc for as much as $ 8.6 billion in cash and stock. The deal, if done, would form a cybersecurity giant that provides services to more than 500 million customers.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| NLOK | NORTONLIFELOCK, INC. | 26.34 | +2.19 | + 9.07% |
In terms of earnings, crypto exchange Coinbase Global Inc. reported quarterly profit above Wall Street estimates, as trading volumes jumped 38% from a year ago. The company expects a decline in transaction volumes year over year for the current quarter.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| PIECE OF MONEY | COINBASE GLOBAL, INC. | 286.71 | +17.04 | + 6.32% |
Wendy’s Co. said same-store sales were up 16.1% year-over-year, ahead of analysts’ expectations as the reduction in restrictions helped revive. The fast food chain has also raised its global sales forecast system-wide.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| MAGNIFYING GLASS | THE WENDY’S CO. | 22.75 | +0.72 | + 3.27% |
In commodities, West Texas Intermediate crude oil slipped 62 cents to $ 67.67 a barrel after the White House called on OPEC to increase production to support the economic recovery. Meanwhile, gold rose $ 15.40 to $ 1,747.10 an ounce.
Overseas markets were generally higher.
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The UK FTSE 100 drove gains in Europe, trading up 0.67%, while the French CAC 40 and German DAX 30 rose 0.6% and 0.59% respectively.
In Asia, Japan’s Nikkei 225 climbed 0.65%, Hong Kong’s Hang Seng index jumped 0.2% and China’s Shanghai Composite edged up 0.08%.
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