The Dow Jones Industrial Average is rising Wednesday morning after July’s consumer-price index showed inflation cooling off just a bit. Shares of Wendy’s, Virgin Galactic, and WW were on the move.
The Dow has gained 188.58 points, or 0.5%, to 35,453.25, while the S&P 500 has advanced 0.3 % to 4448.05, and the Nasdaq Composite is little changed at 14,792.48. The S&P 500 and Dow are trading at record highs.
The consumer-price index rose 5.4% in July year over year, a touch higher than the 5.3% economists had predicted, while it increased 0.5% from June, in line with expectations. Core CPI rose 4.3% year over year, in line with forecasts, and just 0.3% in July from June, a touch lower than forecasts for a 0.4% increase. Used car prices rose just 0.2% in July from June.
“This month revealed significant cooling in transitory inflation,” writes BofA Securities’ economist Alexander Lin.
For now, at least, the market is betting the Federal Reserve may be right.
Shares of WW International (WW), the former WeightWatchers, has dropped 25% after missing earnings forecasts and offering weaker than expected guidance. WW stock was also downgraded to Hold from Buy at Jefferies.
Virgin Galactic (SPCE) has fallen 11% after getting cut to Underweight from Equal Weight at Morgan Stanley.
Perrigo (PRGO) has tumbled 13% after the company reported a lower than expected profit.
Southwest Airlines (LUV) has risen 0.5% despite warning that the Delta variant has impacted third-quarter revenue.
Wendy’s has risen 3.6% after reporting better-than-expected earnings and raising its full-year guidance.
Write to Ben Levisohn at ben.levisohn@barrons.com
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August 11, 2021 at 09:06PM
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WW, Virgin Galactic Stock Tumble — and More Stock Market Movers - Barron's
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