S&P 500 Rises as Bank Earnings and CPI Cool Fuel Risk-On Rally
Two pieces of news hit the tape on July 15 and equity investors embraced both. June CPI came in at 3.5% year-over-year, below the 3.8% consensus, and a wave of bank earnings from JPMorgan, Goldman Sachs, Bank of America, Morgan Stanley, and BlackRock beat estimates decisively. SPY, the S&P 500 ETF, closed at $751.83, up 0.36%, putting it at 98.9% of its 52-week high of $760.40. Key Takeaways June CPI printed 3.5% year-over-year, below the 3.8% consensus, its first monthly price decline since the COVID-19 pandemic. SPY, the S&P 500 ETF, closed at $751.83 (+0.36%), within 1.1% of its 52-week high; XLF (Financials) carries the highest-confidence bullish signal of the session. IBM collapsed roug…
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