๐ Stock Market Today: Stocks higher after PPI Data rises and Powell testimony
Here's what is happening in the markets today, Wednesday, July 14th:
- PPI Data came in higher than expected with an increase of 1.0% in the month of June. On an unadjusted basis the final demand index was up 7.3% for the last 12 months, the largest increase since the index was first tracked in 2010.
- Fed Chair Jerome Powell is set to testify before a House Committee today at 12pm ET.
- In a prepared statement Powell say Fedโs benchmark of โsubstantial further progressโ toward full employment and stable prices remains โa ways off.โ
- Bank of America (BAC) down pre-market after reporting a $1.03EPS (vs. 0.77 expected) but missing revenue estimates.
- BlackRock (BLK) down pre-market in spite of earnings beat, 28% jump in Q2 earnings with $10.03 EPS vs. $9.46 and assets under management were up 30% year over year with the company managing almost 9.5 trillion.
- Delta (DAL) up pre-market after reporting better than expected earnings and rev, lost $1.07 EPS vs. $1.38 expected snapping a 5 quarter losing streak.
- American Airlines (AAL) up pre-market after reporting a smaller loss than expected and better revenue. Expects to report positive cash flow for the first time since the pandemic began at one point losing $100 mil a day.
- PTON down pre-market after an analyst downgrade. Webush downgraded from outperform to neutral citing growing number of workout alternatives including options outside of the home post-pandemic.
- AAPL has asked suppliers to build up to 90 million next gen iPhones according to a Bloomberg report. This would be a 20% increase compared to 2020.
- Fed Chair Jerome Powell is set to testify before a House Committee today at 12pm ET.
- In a prepared statement Powell say Fedโs benchmark of โsubstantial further progressโ toward full employment and stable prices remains โa ways off.โ
- Bank of America (BAC) down pre-market after reporting a $1.03EPS (vs. 0.77 expected) but missing revenue estimates.
- BlackRock (BLK) down pre-market in spite of earnings beat, 28% jump in Q2 earnings with $10.03 EPS vs. $9.46 and assets under management were up 30% year over year with the company managing almost 9.5 trillion.
- Delta (DAL) up pre-market after reporting better than expected earnings and rev, lost $1.07 EPS vs. $1.38 expected snapping a 5 quarter losing streak.
- American Airlines (AAL) up pre-market after reporting a smaller loss than expected and better revenue. Expects to report positive cash flow for the first time since the pandemic began at one point losing $100 mil a day.
- PTON down pre-market after an analyst downgrade. Webush downgraded from outperform to neutral citing growing number of workout alternatives including options outside of the home post-pandemic.
- AAPL has asked suppliers to build up to 90 million next gen iPhones according to a Bloomberg report. This would be a 20% increase compared to 2020.