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US Stock market session wrapped lower; inflation concerns back on spotlight
Market course took a turn for the worse today, as all 3 major imdices ended dropping from respective record highs.
The inflation reflected on the new print was recorded to be its highest movement in a single month in the last 13 years. The Labor Department's additional information released included statistics of comparison, such as May's 0.6% rise vs June's 0.9%. On a year-to-year basis, the consumer price index had already risen by 5.4%, its biggest movement since 2008.
Another news that affected the market trajectory was the first batch of earnings report. JPMorgan Chase posted lower stock value, trading revenue and fixed income sales vs analysts' expectations. On the other hand, PepsiCo showed overwhelming movements as it exceeded expectations and even adjusted outlook to higher values for this year.
The S&P 500 is expected to dominate and grow by 64% on Q2, which would mark its highest movement in the last 12 years, and the anticipated biggest contributors would be from the financial sectors, or the banks.
Their performance was outstanding and the current state of affairs is a very ideal spot for the banks to grow and it gets even better now that inflation is getting back on focus.
Investors and traders are paying closer attention to the upcoming Q2 earnings report of the other companies and their new guidance.
Tuesday's market session wrapped like this, as of 4:00 p.m.:
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