Stock market today: Wall Street opens higher, adding to recent gains

Jul 19, 2023, 12:53 AM | Updated: 6:48 am

NEW YORK (AP) — Stocks are opening higher on Wall Street, adding to a run that has pulled the market to its highest level in more than 15 months. The S&P 500 rose 0.4% early Wednesday. The Dow added 168 points, or 0.5% and the Nasdaq composite rose 0.3%. Carvana soared 21% after the used-car dealer agreed with its lenders to reduce its debt by $1.2 billion. Elevance Health jumepd 7.5% after reporting stronger results than analysts expected. Stocks also got some help from easing pressure from the bond market, where yields fell after a report showed U.K. inflation slowed.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Wall Street shifted between small gains and losses Wednesday as earnings season kicks into high gear.

Futures for the S&P 500 and for the Dow Jones Industrial Average each inched up less than 0.1% before the opening bell.

Carvana shares jumped more than 24% in premarket trading after the online car dealer said it secured a deal to refinance its debt. It also reported that its profit per car nearly doubled from a year ago and it issued an optimistic forecast.

Tesla, Netflix and United Airlines report quarterly results after the bell.

The financial performance of some of the country’s biggest corporations has been surprisingly strong, though the bar was lowered heading into the second quarter with expectations that the slowing economy would squeeze margins and profits.

Whether or not a recession is imminent is still up for debate, but on Tuesday Treasury Secretary Janet Yellen said during an interview with Bloomberg TV in India during a meeting of Group of 20 finance officials that she does not expect a recession, citing the incredibly resilient U.S. job market.

Also, despite elevated prices, Americans continue to spend, and consumer spending is the dominant force in the U.S. economy.

If the Fed does follow through on expectations and raises the federal funds rate next week to a range of 5.25% to 5.50%, it would be at its highest level since 2001. That would be up from its record low of nearly zero early last year.

But inflation has been slowing over the last year, and hopes are high on Wall Street that it will continue cooling enough to get the Fed to stop raising rates and perhaps begin cutting them next year.

In Europe, Britain reported inflation fell to 7.9% in June, a 15-month low. Economists had forecast inflation would decline to 8.2%, but it did better than that thanks to falling fuel prices and milder food price increases.

It’s a relief for struggling consumers and is a further welcome sign that upward price pressures are abating. That has raised hopes among investors that central banks might begin winding down the latest cycle of interest rate hikes.

Britain’s FTSE 100 advanced 0.6% at midday, Germany’s DAX was off 0.1% and in Paris the CAC40 gained 0.3%.

In Asian trading, Hong Kong’s Hang Seng index fell 0.3% to 18,952.31, partly due to selling of property shares after troubled developer China Evergrande reported its total debts rose in the past two years to about $340 billion.

The Shanghai Composite index closed flat at 3,198.84.

The property market, a major driver of growth in China, has languished after regulators reined in lending to try to bring debt in the industry under control

In Tokyo, the Nikkei 225 gained 1.2% to 32,896.03 while the Kospi in Seoul was barely changed at 2,608.24. Australia’s S&P/ASX 200 climbed 0.6% to 7,323.70.

Shares rose in India and Bangkok.

The Asian Development Bank issued an update on regional economies noting that exports have weakened as growth has slowed in China and other major economies. Demand for key technology exports fell sharply, the report by the regional development lender said.

In other trading Wednesday, U.S. benchmark crude rebounded from early losses, gaining 26 cents to $75.92 a barrel in electronic trading on the New York Mercantile Exchange. It climbed $1.58 to $75.66 a barrel on Tuesday.

Brent crude, the pricing basis for international trading, picked up 36 cents to $79.99 a barrel.

The U.S. dollar climbed to 139.68 Japanese yen from 138.83 yen. The euro fell to $1.1221 from $1.1230.

On Tuesday, Wall Street’s growing frenzy around artificial intelligence pushed stocks to their best level in more than 15 months. Stocks in the financial industry also drove the market higher.

The S&P 500 rose 0.7% Tuesday to its highest finish since early April 2022. The Dow added 366 points, or 1.1%, and the Nasdaq composite climbed 0.8%.


Kurtenbach reported from Bangkok; Ott reported from Silver Spring, Md.

United States News

Associated Press

Nichols College president resigns amid allegations of misconduct at Coast Guard Academy

DUDLEY, Mass. (AP) — A former Coast Guard Academy professor whose tenure coincided with a sexual harassment scandal has resigned as president of Nichols College in Massachusetts. Glenn Sulmasy stepped down Tuesday amid an investigation initiated by Nichols after accusations from Sulmasy’s time at the academy came to light. “In light of these reports and […]

30 minutes ago

Associated Press

Google packs more artificial intelligence into new Pixel phones, raises prices for devices by $100

Google on Wednesday unveiled a next-generation Pixel smartphones lineup that will be infused with more with more artificial intelligence tools capable of writing captions about photos that can be altered by the technology, too. The injection of more artificial intelligence, or AI, into Google’s products marks another step in the company’s attempt to bring more […]

32 minutes ago

Associated Press

Who are the 2023 MacArthur ‘genius grant’ fellows?

The John D. and Catherine T. MacArthur Foundation announced the 2023 class of fellows, often known as recipients of the “genius grant,” on Wednesday. The 20 fellows will each receive a grant of $800,000 over five years to spend however they want, though they are selected for the exceptional work they’ve already done, their ability […]

48 minutes ago

This undated photo provided by the John D. and Catherine T. MacArthur Foundation shows 2023 MacArth...

Associated Press

Meet this year’s MacArthur ‘genius grant’ recipients, including a hula master and the poet laureate

A scientist who studies the airborne transmission of diseases, a master hula dancer and cultural preservationist, and the sitting U.S. poet laureate were among the 20 new recipients of the prestigious fellowships from the John D. and Catherine T. MacArthur Foundation, known as “genius grants,” announced on Wednesday. MacArthur fellows receive a grant of $800,000 […]

49 minutes ago

This is the message U.S. cellphone customers see during testing of the federal emergency alert syst...

Associated Press

What to expect Wednesday when federal government tests emergency alerts

Here's what to expect if you have a cellphone or are watching TV when the federal government tests its emergency alert system Wednesday.

2 hours ago

Associated Press

Trump lawyers go after accountant and appeal major pretrial ruling in New York fraud case

NEW YORK (AP) — Warned to mind his out-of-court comments, former President Donald Trump returned to his New York civil fraud trial Wednesday as lawyers on both sides closely questioned an accountant who prepared financial statements at the heart of the case. Outside the courtroom, Trump’s lawyers appealed a key pretrial ruling. The civil case, […]

2 hours ago

Sponsored Articles


Mayo Clinic

Game on! Expert sports physicals focused on you

With tryouts quickly approaching, now is the time for parents to schedule physicals for their student-athlete. The Arizona Interscholastic Association requires that all student-athletes must have a physical exam completed before participating in team practices or competition.



Here are the biggest tips to keep your AC bill low this summer

PHOENIX — In Arizona during the summer, having a working air conditioning unit is not just a pleasure, but a necessity. No one wants to walk from their sweltering car just to continue to be hot in their home. As the triple digits hit around the Valley and are here to stay, your AC bill […]


OCD & Anxiety Treatment Center

5 mental health myths you didn’t know were made up

Helping individuals understand mental health diagnoses like obsessive compulsive spectrum disorder or generalized anxiety disorder isn’t always an easy undertaking. After all, our society tends to spread misconceptions about mental health like wildfire. This is why being mindful about how we talk about mental health is so important. We can either perpetuate misinformation about already […]

Stock market today: Wall Street opens higher, adding to recent gains