Stocks closed higher on Wall Street on Tuesday as investors eagerly awaited updates on inflation and corporate profits. The S&P 500 experienced a 0.7% increase, rising to 4,439.26. The Dow Jones Industrial Average gained 317.02 points, or 0.9%, reaching 34,261.42. Meanwhile, the Nasdaq composite added 75.22, or 0.5%, and settled at 13,760.70. Notably, a significant portion of Wall Street’s gains occurred in the final 20 minutes of trading. Activision Blizzard also stood out, surging 10% following a judge’s ruling allowing Microsoft to proceed with its acquisition of the video game giant. Microsoft itself experienced a modest 0.2% increase.
Salesforce emerged as a major driver of the Dow, contributed to by a 3.9% climb resulting from price increases on its products. Additionally, Amazon played a part in boosting the market, experiencing a 1.3% rise on the first day of its annual Prime Day sales event. WD-40 also impressed, jumping 18.5% as it announced a return to revenue growth in the months of March to May, after two consecutive quarters of flat to down sales. Conversely, several cruise operators experienced loss of momentum, despite a strong start to the year. Carnival fell 1.4%, and Royal Caribbean slipped 1%. Nonetheless, both companies have seen gains of over 100% so far this year.
The highlight of the week will occur on Wednesday when the federal government releases the latest update on consumer-level inflation. Economists anticipate another slowdown, with prices expected to be 3.1% higher in June compared to the previous year, down from 4% inflation in May and just above 9% inflation recorded last summer. Wall Street hopes that continued easing in inflation will convince the Federal Reserve to halt its interest rate hikes in the near future.
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