Stock indices finish higher following key inflation data release
Stock indices closed in the green today after the release of important inflation data. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) all gained positive percentages in today’s trading session.
Producer Price Index figures below expectations
Earlier today, the U.S. Bureau of Labor Statistics released the Producer Price Index (PPI) report, indicating inflation among producers. The July figures for both core PPI and regular PPI were lower than expected, suggesting that inflation is cooling down.
Market analysts predict continued growth
Despite recent volatility, analysts predict that the S&P 500 will reach 5,800 by the end of the year. They anticipate that popular stock averages will move around key technical levels, with small and mid-cap stocks likely to outperform.
If the yen carry trade stabilizes, and investors regain confidence in the market, volatility is expected to decrease.
Key resistance and support levels highlighted
Analysts at Piper Sandler point out the key resistance and support levels for the S&P 500 to watch. These levels provide insights for investors looking to navigate the current market conditions.
Overall, the market is expected to continue fluctuating around moving averages, with a broadening market in the latter half of the year.
Source : www.tipranks.com