Stocks On Wall Street Rest Ahead of Inflation Report

Barry Adams
08 Aug, 2022
New York City

Investors looked ahead to the inflation report after the July payroll increased more-than-expected 528,000. 

Investors are increasingly factoring a larger rate hike of at least 75 basis points at the Fed Reserve's next policy meeting in September. 

The Consumer Price Index data for July are scheduled to be released on August 10. 

The inflation index increased 9.1% in June on an annual basis and 1.3% from the previous month on the sustained increase in food and energy prices. 

The S&P 500 index was nearly unchanged at 4,144.73 and the Nasdaq Composite index gained 0.07% or 8.43 to 12,665.73. 

Futures of crude oil increased $1.0 to $89.98 and natural gas 42 cents to $7.64 a thermal unit. 

The yield on 10-year Treasury notes eased to 2.768% and on the 2-year notes declined to 3.24%. 

Barrick Gold gained 4.5% to $16.37 after the mining company reported better-than-expected earnings on higher copper production. 

Nvidia fell 7.5% to $175.66 after the advanced chipmaker reported second quarter revenues of $6.70 billion, below the company estimate of $8.10 billion. 

The revenue shortfall was driven by a decline in gaming products after the end of Covid-19 pandemic driven boom and the rising macro headwinds. 

Bed Bath & Beyond soared 37.8% to $11.22 and AMC Entertainment surged 15.1% to $25.53 on no company news. 

Both stocks were driven higher after investors expressed optimism on popular chat boards and social media posts. 

Palantir Technologies Inc declined 12.1% to $10.08 after the technology contractor for the federal government reported a wider quarterly loss. 

Revenues in the second quarter increased 26% to $473 million and a net loss of $179 million or 9 cents a diluted share from $138.5 million or 7 cents a diluted share. 

For the third quarter, the company guided revenues between $474 million and $475 million and adjusted income from operations between $54 million and $55 million.

BioNTech SE declined 10.5% to $163.95 after the German biotech company reported weaker-than-expected quarterly results. 

The Covid-19 vaccine maker and a development partner with Pfizer said its latest vaccine to treat the latest virus variants is expected to benefit fourth quarter results.