7/12 Daily Market Update

  • Nasdaq -0.95%; S&P -0.92%; Dow -0.62%; Three major indexes dove in the final hours due to concern about upcoming inflation data (tomorrow) and earnings season.
  • American Airlines +9.98% said total revenue in the second quarter would top 2019 levels.
  • ServiceNow -12.74% after the CEO said rising interest rates and inflation could have an impact on enterprise spending, which likely reduces cloud-based software companies’ revenue and earnings.
  • Pepsi -0.57% : reported earnings beat analyst estimate with raised full-year outlook. (Highlights)
  • Ark Invest’s Cathie Wood said deflation is a greater risk than inflation. She argues that there are anti-inflationary factors in the market right now including the rising dollar index, declining oil and gold prices, and high10-year treasury yield.

Watch List 👀

  • Tomorrow: June CPI report at 8:30 ET; Delta Airline ER;
  • Thu: Chase and Morgan Stanley ER;
  • Fri: Wells Fargo and Citi ER

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