12th August 2021 Morning Report

Thursday 12th August 2021

The July consumer price index showed prices jumped 5.4% on an annual basis, matching June's reading for the fastest increase since August 2008. Prices were up 0.5% month over month, declining from the 0.9% increase in June.

The Dow Jones Industrial Average increased 0.62%, while the S&P 500 went up 0.25%, while the Nasdaq Composite slipped 0.16%. Both the Dow and the S&P closed at all-time highs for a second straight day. The Nasdaq closed below its own record peak. Infrastructure related stocks like Caterpillar Inc. and Nucor Corp., continued to outperform.

Other overseas markets were broadly higher with Britain’s FTSE 100 leading the gains in Europe, trading up 0.83%, while France’s CAC 40 and Germany’s DAX 30 increased 0.55% and 0.35%, respectively. In Asia, Japan’s Nikkei 225 climbed 0.65%, Hong Kong’s Hang Seng index jumped 0.2% and China’s Shanghai Composite edged up 0.08%.

West Texas Intermediate crude oil ticked up 96 cents to $69.25 a barrel after the White House called on OPEC to increase production to support the economic recovery. Meanwhile, gold rose $21.60 to $1,750.40 an ounce.

Morning Report 12 August 2021

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