June 18, 2024

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Stock Market Today: Dow Jones Rises On Inflation Data; AI Stock Snowflake Crashes

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The Dow Jones Industrial Average and the other major indexes rose Thursday, as Wall Street reacted to a key inflation report ahead of the opening bell. Meanwhile, artificial intelligence stock leader Snowflake (SNOW) crumbled after reporting earnings on the stock market today.




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The Dow Jones Industrial Average gained 0.2% in morning action, while the S&P 500 rose 0.4%. And the tech-heavy Nasdaq composite climbed 0.7% after the opening bell.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) exchange traded fund was up 0.7%, as the SPDR S&P 500 ETF (SPY) rose 0.4%.

The 10-year Treasury yield ticked lower to 4.26%. Further, oil prices continue to hover around their recent highs, as West Texas Intermediate futures edged higher, hovering around $78.90 a barrel.

Stock Market Today: Inflation Data, Earnings

The personal income and spending report for January came out Thursday morning. More important are the numbers highlighting personal consumption expenditures, or PCE, that mark current inflation.

The PCE price index rose 0.3% in January, with an annual increase of 2.4%, in line with Wall Street’s estimates. The core PCE price index climbed 0.4% on the month, with a year-over-year increase of 2.8%. Both matched Econoday estimates.

Meanwhile, the Labor Department’s initial unemployment claims jumped to 215,000 vs. 201,000 in the previous week. They were expected to rise to 210,000.

Software leader Snowflake plunged more than 20% Thursday morning after the company’s revenue outlook for fiscal 2025 came in well below expectations. Meanwhile, the company also announced Chief Executive Frank Slootman, will retire.

Other key earnings movers included Best Buy (BBY), Dow Jones stock Salesforce (CRM), Birkenstock (BIRK), DoubleVerify (DV) and C3.ai (AI).

Best Buy shares rallied 4.5%, while Salesforce shares fell 0.2%. Birkenstock tumbled 5.1% in morning action, as DoubleVerify plummeted more than 19%. And C3.ai shares soared more than…



2024-02-29 09:11:34

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