Marketbites: Federal Judge Denies FTC Request
MARKET PERFORMANCE:
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Portfolio Manager Commentary:
U.S. stocks rose Tuesday, a day after the major averages snapped a three-session decline, as traders awaited key inflation data slated for release later in the week. Salesforce’s stock rose nearly 4% after the company announced it would increase prices across the board in August. Activision Blizzard’s shares jumped 10.02% after a federal judge denied the FTC’s request for a preliminary injunction to stop Microsoft’s acquisition of the video game company. The decision meant that the two companies were closer to completing their deal.
The June consumer price index report set for release Wednesday, as well as the June producer price index due out Thursday, will shed light on whether the decline in inflation has continued, and create the backdrop for future direction of interest rates. Economists polled by Dow Jones expect the index rose 3.1% last month on a year-over-year basis.
Investors have penciled in another quarter-point increase at the Federal Reserve’s July 25-26 meeting. But they are undecided about what the central bank will do at its September meeting after last week’s continued robust jobs data raised concern that policymakers will revert to raising rates following the June pause.
Chart of the Day:
Local brands captured 54% of China’s wholesale car market in the first six months of 2023, from 48% a year earlier, the China Passenger Car Association said Monday. That is the second consecutive time local brands have surpassed foreign ones on a half-year basis. Western carmakers have dominated China since they were first allowed to set up joint ventures with local partners decades ago. Some made a fortune as the country sped past the U.S. to become the world’s biggest auto market. But as homegrown brands solidify the trend of outselling foreign rivals, the era of Western dominance is over.
Source: WSJ
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