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US Stocks Mixed as Cooler Inflation Data Eases Rate Hike Fears, IBM Tumbles
U.S. stock markets displayed a mixed performance on Tuesday, July 14, with the Nasdaq Composite climbing 0.81% to 26,083.42, while the S&P 500 edged up 0.26% to 7,535.12. This came as June's Consumer Price Index (CPI) rose 3.5% annually, falling below the anticipated 3.8% and easing concerns about further aggressive Federal Reserve interest rate hikes.
IBM shares plunged by 22% after the company reported a second-quarter earnings miss, with adjusted EPS of $2.93 on revenue of $17.2 billion, below analyst estimates. CEO Arvind Krishna attributed the shortfall to clients shifting capital expenditure towards hardware like servers and memory, significantly weighing on the Dow Jones Industrial Average, which sank 0.19% to 52,401.14.
Despite broader market volatility, major banks reported strong earnings, with Goldman Sachs gaining 7.4% and JPMorgan Chase climbing 1.9%. Notably, JPMorgan's equities trading division saw revenue surge 86%, benefiting from market volatility triggered by the ongoing conflict in Iran, which has also pushed Brent crude prices past $80 a barrel.
The Bottom Line
Cooler-than-expected inflation data provided a much-needed reprieve for investors, tempering fears of immediate Fed rate hikes, even as a significant earnings miss from IBM impacted the Dow and geopolitical tensions continued to fuel oil price surges.
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