What Did the Stock Market Do Today? 3 Big Stories to Catch Up On.

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What Did the Stock Market Do Today? 3 Big Stories to Catch Up On.

InvestorPlace2021-07-14

Stocks took a dive today as inflation fears ramp up yet again. The stock market took a bit of a beating today, as the Consumer Price Index revealed one of the largest jumps since 2008. Meanwhile, ...

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mrkaikai
·2021-07-14
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Meanwhile, ...</p>\n\n<a href=\"https://investorplace.com/2021/07/what-did-the-stock-market-do-today-3-big-stories-bank-stocks-inflation-solarcity/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".SPX","symbol_name":"S&P 500 Index","start_time":0,"source_url":"https://investorplace.com/2021/07/what-did-the-stock-market-do-today-3-big-stories-bank-stocks-inflation-solarcity/","article_id":"1118947253","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1118947253","pubTimestamp":1626243814,"columns":[],"sourceInfo":{"source_id":"lsy1606302653667","name":"InvestorPlace"},"weMediaInfo":null,"summary":"Stocks took a dive today as inflation fears ramp up yet again.\n\nThe stock market took a bit of a bea","collect":0,"end_time":0,"defaultTopTitle":"investorplace.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"translate_title":"今天股市怎么了？3个大故事要赶上。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9},"content_text":"Stocks took a dive today as inflation fears ramp up yet again.\n\nThe stock market took a bit of a beating today, as the Consumer Price Index revealed one of the largest jumps since 2008. Meanwhile, Elon Musk took the witness stand and answered some serious questioning about his dealings in the acquisition of SolarCity by Tesla(NASDAQ:TSLA), and banks posted some seriously impressive profits. So, what did the stock market do today?\n\nThe S&P 500 closed down by 0.35%\nThe Dow Jones Industrial Average closed down by 0.31%\nThe Nasdaq Composite closed down by 0.38%\n\nSo what else did the stock market do today? Here are some of the top stories.\nWhat Did the Stock Market Do Today? Stocks Fell Amid Inflation Report.\nStocks in general had a rough day, if you didn’t notice from the major indices all closing in the red. Another new report is rocking investors, as it comes to light that inflation continued to accelerate through the month of June.\nTheU.S. Labor Departmentsaid today that last month’s Consumer Price Index rose by 5.4% year-over-year. That’s the highest increase we’ve seen since summer of 2008. That increase was 0.9% month-over-month, the largest one-month jump in the CPI in over 10 years.\nTheevidence of vastly increasing pricesis doing a number on stocks across the board today. Tech stocks’ gains were cut in half, with stocks likeFacebook(NASDAQ:FB) and Tesla closing in the red.Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL) and Microsoft(NASDAQ:MSFT) sported only measly gains to close the day.\nThe report comes at an interesting time for the U.S. government, which is still at odds with itself over whether or not this inflation is as severe as it looks, how long it will last and how bad it is for the economy. Federal Reserve Board Chair Jerome Powell will have the hot seat tomorrow in front of Congress as he addresses the state of the U.S. economy. It will be interesting to see how Powell will respond to these CPI figures, as the Fed contends that inflation will fizzle out without causing any significant damage.\nElon Musk Takes the Stand for Second Round of SolarCity Questioning\nElon Musk took the stand as a witness for the second day in a probe into the dealings of Tesla’s purchase of SolarCity. The solar power company was a provider of solar energy harvesting equipment for residential, commercial and industrial purposes. As the company began failing out in 2016, Musk’s Tesla bought it for $2.6 billion and absorbed it into the Tesla Energy subsidiary.\nMusk, at the time of the deal, was chairman of both Tesla and SolarCity. Theongoing legal battlesuggests that Musk and the Tesla board breached their responsibilities in pushing for the deal. The rest of the board settled in 2020 for $60 million, thus, Musk is the lone defendant.\nToday, the billionaire is stepping out of the courtroom and wiping the sweat from his brow after taking on the last day of hard questioning. Notably,Musk says hehadto buy SolarCityback in 2016.\nHis reasoning for this was simple: Tesla couldn’t afford for SolarCity to fail, as it plays too large a role in Tesla’s long-term goal of full sustainability. “If we have a whole bunch of third-party solar systems, it’s a messy situation. We needed solar within Tesla,” Musk said at the stand.\nIt remains to be seen what this questioning will turn into. If Musk is found on the losing end of this court case, the business magnate will have to reimburse Tesla for the cost of the acquisition. That might dig into hisStarbase funda bit.\nBank Stocks Impressed With Q2 Profits\nIt’s bank stock earnings season andJPMorgan Chase(NYSE:JPM) and Goldman Sachs(NYSE:GS) are kicking things off with a bang. The two banking giants are flexing some pretty impressive profits, and although the stocks’ values are decreasing thanks to the CPI’s bearish effect on the market, investors have reason to be invigorated.\nJPMorgan Chasebeat estimates today, much to the joy of shareholders. Earnings per share of $3.78 topped analyst’s estimates of $3.05. The company says it saw $9.6 billion in earnings this quarter, not counting its $3 billion in net reserve releases.\nGoldman Sachs blew away estimates this morning as well; the company posted EPS of $15.02,a bit morethan analysts’ estimates of around $9.90. Net earnings topped $5.49 billion, blowing Q1’s net earnings of $373 million out of the water.\nInvestors have the IPO madness to thank for this performance through the first half of 2021. The duo have stayed busy underwriting these public offerings, generating enough in fees to buoy the institutions through economic hardships. All in all, the two banks have advised and orchestratedhundreds of dealsthrough the first six months of 2021.\nYou can expect more bank stock talk through the week, as well. JPM and GS kicked off what will be a busy week for bank earnings; Bank of America(NYSE:BAC),Citigroup(NYSE:C),BlackRock(NYSE:BLK) andWells Fargo(NYSE:WFC) are just a few of the other big names sharing their earnings this week.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":145766536,"gmtCreate":1626247008625,"gmtModify":1703756275995,"author":{"id":"3572319384832251","authorId":"3572319384832251","name":"mrkaikai","avatar":"https://community-static.tradeup.com/news/f29c873117f873a6b9bfd39f61270b9b","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3572319384832251","idStr":"3572319384832251"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145766536","repostId":1118947253,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":20,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}