7 15, U.S. stocks opened higher on Friday. As of press time, the Dow rose 1.09%, the Nasdaq rose 0.69%, and the S&P 500 index rose 0.91%.
U.S. retail sales in June increased by 1% month-on-month, exceeding expectations, making the possibility that the Federal Reserve would significantly raise interest rates . The agency commented on the U.S. retail sales data in June and said that at least the retail sales report in June showed that consumers are still persisting. Of course, these numbers are not adjusted for inflation. So it's possible that at least some of the increase is simply due to higher prices. However, there is still enough buying power to support the rise in this data.
Fed officials are currently paying close attention to the retail sales data, as well as other data released on Friday and next week, to determine whether to raise interest rates by 75 basis points or 100 basis points at their meeting later this month.
Atlanta Fed President Bostic spoke tonight and emphasized the importance of orderly policy action, suggesting that he is not in favor of a 100 basis point interest rate hike at the meeting later this month. On Friday, he said at an event, "Too drastic action will destroy a lot of other things that are working well. We want it to be orderly and give people a correct understanding of the economy."
Bullard said , raising rates now by 75 basis points or 100 basis points may not make much of a difference. Previously, many officials including Fed Governor Waller supported a 75 basis point interest rate hike this month.
Marc Cabana, chief interest rate strategist of Bank of America and former New York Fed analyst, recently predicted that the United States will see a mild recession in 2022 and significantly lowered its interest rate forecast. His team believes that the Federal Reserve will cut interest rates by 100% between September 2023 and June 2024. basis points.
In addition, important financial reports of Wells Fargo , Citigroup and United Health Group were released. Victoria Greene, chief information officer at G Squared Private Wealth, said: "I'm not bullish on our ability to grow earnings in this environment. I don't think it's bad or tragic. But I think unfortunately in this earnings season, any Mistakes in revenue or profit margins will be punished, and even if the performance exceeds expectations, they will be criticized.
Star Technology stocks generally rose, Amazon , Google , Netflix rose by more than 2%, Tesla . , Apple rose more than 1%.
Most bank stocks rose, with Citigroup rising nearly 7%, Wells Fargo rising more than 5%, and Bank of America rising more than 2%.
Oil and gas stocks were among the top gainers, with Total up more than 3%, British Petroleum up more than 2%, and Exxon Mobil and Chevron up more than 1%.
Popular Chinese concept stocks generally fell, Alibaba , Weilai , Pinduoduo and other stocks fell more than 2%.
Amazon rose 1.4%. The company's U.S. online sales during the Prime Day promotion increased 8.5% year-on-year to about $12 billion. In addition, Amazon also announced that it will add more than 4,000 permanent jobs in the UK this year.
Citigroup rose strongly and is now up 6.96%. The financial report showed that its Q2 revenue and earnings per share were higher than market expectations.
United Health rose more than 3%. The company's Q2 revenue and profits exceeded expectations, and it raised its full-year profit guidance.
Pinterest soared over 13%, and it was rumored that radical hedge fund Elliott held over 9% of Pinterest shares.
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