Stocks gain…Tech stocks lead the way…Inflation is in check
NEW YORK (AP) – U.S. stocks are marching higher in early trading, extending a winning streak that has recouped much of May’s sharp losses. The strong opening marks the sixth consecutive day of gains. Stocks are moving closer to erasing the 6.6% decline in May that was fueled by concerns about the trade dispute between the U.S. and China.
NEW YORK (AP) – Technology stocks led today’s early gains on Wall Street. Apple rose 1%, Cisco rose 1.5%, and Nvidia rose 1.5%. Banks helped push financial stocks higher as lower bond prices pushed treasury yields higher. The sector suffered in May as investors fled to the safety of bonds and pushed yields lower.
NEW YORK (AP) – A range of consumer-related stocks are doing well today. Amazon rose 1%, Nike rose 1.8% and Home Depot and General Motors rose 1.5%. They are among a wide range of companies that will likely suffer if trade wars escalate and economic growth slows.
NEW YORK (AP) – Tax preparer H&R Block jumped 8.5% after hitting investors with a triple-dose of solidly good news. The company beat fiscal fourth quarter profit expectations, raised its quarterly dividend and announced an acquisition.
WASHINGTON (AP) – U.S. wholesale prices rose just 0.1% in May month, another sign that inflation remains under control. The Labor Department says the increase last month in its producer price index, which measures inflation pressures before they reach consumers, was half April’s 0.2% increase. The entire gain in May came from a 0.3% increase in the wholesale price of services. Goods prices fell 0.2%.