Dow was up 61 (off early highs), advancers over decliners 5-2 & NAZ advanced 130. The MLP index added 1+ to the 235s & the REIT index was steady in the 381s. Junk bond funds crawled higher & Treasuries saw more buying which reduced yields. Oil rose fractionally to the 76s & gold was up 2 to 1964.
AMJ (Alerian MLP Index tracking fund)
There is more evidence inflation is easing across broader sectors. The Labor Dept said that the consumer price index rose
0.1% on an annual basis in Jun, the lowest since Aug 2020. Prices
are up 0.1% month over month. The forecast had expected
an increase of 0.4% on an annual basis & 0.2% on a monthly basis. Core
prices, which exclude more volatile measurements of food & energy,
rose 2.4% year over year, less than what was expected. The
report follows a similar trend for consumer prices, reported yesterday,
which rose 3% on an annual basis, slightly below the 3.1% increase
forecast. Although inflation has cooled from a peak of 9.1%, it still remains above the Federal Reserve's 2% target rate. Even with the price pullbacks, 92% of traders are still expecting the
Federal Reserve to hike interest rates by 25 basis points at the Jul
26th meeting, according to CME's FedWatch Tool. That would bring the benchmark to 5.25-5.50%.
Wholesale inflation prices ease in June, lowest in nearly 3 years
PepsiCo (PEP, a Dividend Aristocrat, reported quarterly earnings & revenue that topped expectations, despite falling demand for its drinks & food. The beverage giant also raised its full-year outlook for the 2nd consecutive qtr. Q2 EPS was $1.99, up from $1.03 a year earlier. Excluding items, EPS was $2.09. Net sales rose
10.4% to $22.3B. Organic revenue, which strips
out the impact of acquisitions & divestitures, rose 13% in the
qtr. But volume fell as higher prices for its
snacks & drinks hurt demand. Volume, which excludes pricing &
currency fluctuations, dropped 3% for the food divisions & 1% for
its beverages. CEO Ramon Laguarta said that consumers are
looking for better deals & shopping more from $ stores & club
retailers. But execs also said that the company's volume hasn't fallen as much
as expected, likely thanks to low global unemployment. PEP is
planning to return to its usual pricing strategy for the rest of the year. The stock rose 1.35.
If you would like to learn more about PEP, click on this link:
club.ino.com/trend/analysis/stock/PEP_aid=CD3289&a_bid=6aeoso5b6f7
PepsiCo beats earnings estimates, raises full-year outlook even as higher prices hurt demand
The Food & Drug Administration approved the first over-the-counter birth control pill, a landmark decision that will allow more women & girls in the US to prevent unintended pregnancies without a prescription. The daily pill, called Opill, was first approved by the FDA as a prescription in 1973. The
pill's manufacturer, Paris-based HRA Pharma, said the contraceptive
would most likely be available at stores & online retailers in the
US in early 2024. HRA Pharma, a unit of Dublin-based pharmaceutical company Perrigo (PRGO), said there will be no age restrictions on sales of the pill. HRA
Pharma has not announced the price of the pill, which will determine
how affordable it will be to the public. But the company is committed to
making the pill “accessible and affordable to women and people of all
ages,” Frederique Welgryn, PRGO's global VP for women's
health, said. The stock rose 74¢.
If you would like to learn more about PRGO, click on this link:
club.ino.com/trend/analysis/stock/PRGO_aid=CD3289&a_bid=6aeoso5b6f7
FDA approves first over-the-counter birth control pill
Dow Jones Industrials
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