S&P retreats, yen surges, Tesla sinks

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

S&P retreats, yen surges, Tesla sinks

Traders work on the floor of the New York Stock Exchange. 

NYSE

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Tech retreatThe

This is the hidden content, please

• Sign In
• or
• Sign Up

and

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

as investors pivoted away from Big Tech, like

This is the hidden content, please

• Sign In
• or
• Sign Up

and

This is the hidden content, please

• Sign In
• or
• Sign Up

The declines follow the lowest consumer price index in over three years. The

This is the hidden content, please

• Sign In
• or
• Sign Up

saw a modest gain of 32 points, while the small-cap

This is the hidden content, please

• Sign In
• or
• Sign Up

rose 3.6%. The yield on the 10-year

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

, while

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

on hopes of a rate cut. You can read more from CNBC’s Jesse Pound on why Thursday was a

This is the hidden content, please

• Sign In
• or
• Sign Up

in the stock market. 

Cooling inflation

This is the hidden content, please

• Sign In
• or
• Sign Up

, providing more support for an interest rate cut. The consumer price index, a broad measure of costs, dipped 0.1% from May, putting the 12-month rate at 3%, the lowest in more than three years. The Fed is “one step closer to a September rate cut,” said Chris Larkin, managing director of trading and investing at E-Trade. “A lot can happen between now and September 18, but unless most of the numbers pivot back into ‘hot’ territory, the Fed’s reasoning for not cutting rates may no longer be justified.” 

Nikkei drops amid suspected yen interventionJapan’s

This is the hidden content, please

• Sign In
• or
• Sign Up

fell more than 2% amid speculation authorities had intervened to prop up the

This is the hidden content, please

• Sign In
• or
• Sign Up

. The currency

This is the hidden content, please

• Sign In
• or
• Sign Up

after cooler-than-expected inflation data. Japan’s top currency diplomat Masato Kanda

This is the hidden content, please

• Sign In
• or
• Sign Up

to say whether authorities had intervened. Mainland China’s CSI 300 was flat as the country’s

This is the hidden content, please

• Sign In
• or
• Sign Up

but exports beat expectations. Hong Kong’s

This is the hidden content, please

• Sign In
• or
• Sign Up

popped 2% and Australia’s

This is the hidden content, please

• Sign In
• or
• Sign Up

rose 0.8%, surpassing its all-time closing high of 7,896.9 set on March 28 and just shy of its all-time high. South Korea’s

This is the hidden content, please

• Sign In
• or
• Sign Up

and the

This is the hidden content, please

• Sign In
• or
• Sign Up

slumped.  

Delta sinks

This is the hidden content, please

• Sign In
• or
• Sign Up

‘ shares dropped 4% after

This is the hidden content, please

• Sign In
• or
• Sign Up

, despite record summer travel demand. The carrier expects sales to rise no more than 4%, falling short of analyst estimates of 5.8% growth. This comes as airlines grapple with increased costs and expanded capacity putting pressure on fares, even as passenger numbers surge. Delta also expects to take a

This is the hidden content, please

• Sign In
• or
• Sign Up

. 

‘Robotaxi delay’

This is the hidden content, please

• Sign In
• or
• Sign Up

‘s

This is the hidden content, please

• Sign In
• or
• Sign Up

after Bloomberg reported the automaker would push back unveiling its robotaxi from August to October. The delay, attributed to additional time needed for prototype development, reverses Tesla’s 11-day stock rally. CEO Elon Musk has been

This is the hidden content, please

• Sign In
• or
• Sign Up

but has yet to deliver on his earlier predictions of fully autonomous driving.

[PRO] What Wall Street expects

This is the hidden content, please

• Sign In
• or
• Sign Up

is set to

This is the hidden content, please

• Sign In
• or
• Sign Up

before the market opens on Friday. Investors will be closely watching the bank’s performance, especially after CEO Jamie Dimon’s recent warnings about inflation, geopolitical risks and the Federal Reserve’s policies. JPMorgan’s shares have climbed 22% this year, outperforming the broader market.

The bottom line

Delta Air Lines kicked off

This is the hidden content, please

• Sign In
• or
• Sign Up

.

Despite over 3 million passengers passing through U.S. airport security on July 7, the summer travel *****

This is the hidden content, please

• Sign In
• or
• Sign Up

.

This is the hidden content, please

• Sign In
• or
• Sign Up

, with major airlines increasing domestic seats by 6% this month. Consequently, average round-trip ticket prices for U.S. domestic flights

This is the hidden content, please

• Sign In
• or
• Sign Up

, down 3% from a year ago.

Thursday’s CPI report highlighted the industry’s struggles, as

This is the hidden content, please

• Sign In
• or
• Sign Up

following a 3.6% decrease in May.

This is the hidden content, please

• Sign In
• or
• Sign Up

that the industry’s capacity issues should be resolved toward the end of the summer. However, Delta expects a

This is the hidden content, please

• Sign In
• or
• Sign Up

as travelers avoid Paris due to the Olympics. Other airlines are also likely to face challenges, with

This is the hidden content, please

• Sign In
• or
• Sign Up

next to report earnings on Wednesday.

While consumers benefit from lower airfares, all three major companies reporting earnings Thursday morning — PepsiCo,

This is the hidden content, please

• Sign In
• or
• Sign Up

, and Delta Air Lines — missed Wall Street’s revenue expectations.

This is the hidden content, please

• Sign In
• or
• Sign Up

warned that consumers have cut back on snacking, “

This is the hidden content, please

• Sign In
• or
• Sign Up

” in the U.S.

This is hardly the start to the earnings season investors were hoping for, but the latest inflation report should provide some comfort for consumers and investors alike. While

This is the hidden content, please

• Sign In
• or
• Sign Up

, the question ********: when will the Fed start cutting rates?

Ronald Temple, chief markets strategist at Lazard, told CNBC, “I think July should be a consideration but let’s be honest it’s not going to happen. If you look at

This is the hidden content, please

• Sign In
• or
• Sign Up

. 

“The ******* call is do they cut it at each meeting until year end? And I think they do. The market is saying 60 basis points of rate cuts by year-end, I think we get 75.” 

“If I’m right that this is because of disinflation and a softening of strong growth, and not weak growth, then the case may be that the Fed would cut rates to 3.5%-4% over the easing cycle. But that’s it. I don’t think people in the market should be pinning their hats on a 2.5% Fed funds rate. If I’m right, the 10-year Treasury yield should not go down from here; in fact, it should be a bit higher.”

— CNBC’s Brian Evans, Lisa Kailai Han, Jesse Pound, Jeff Cox, Spencer Kimball, Katie Bartlett, Amelia Lucas, Leslie Josephs, Robert Hum and Matt Clinch contributed to this report.

This is the hidden content, please

• Sign In
• or
• Sign Up

#retreats #yen #surges #Tesla #sinks

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

For verified travel tips and real support, visit: https://hopzone.eu/