Stock Market Today: Markets Set Fresh Highs as CPI, Earnings Loom
Stocks wavered on light volume ahead of a busy week for economic news and corporate earnings.


Stocks set fresh highs as market participants awaited a key update on inflation, commentary from Federal Reserve Chair Jerome Powell and the start of second-quarter earnings season later this week – but lost momentum as the session wore on.
Two of the three main benchmarks managed to finish the session at fresh highs, however. By the closing bell, the broader S&P 500 added 0.1% to 5,572, while the tech-heavy Nasdaq Composite rose 0.3% to 18,403. The blue-chip Dow Jones Industrial Average, however, slipped 0.08% to end at 39,344.
Traders and investors, coming back from a holiday weekend, may be forgiven if they had their minds on other things. After all, the economic calendar and earnings calendar are full.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
By the closing bell, stocks were mixed. The broader S&P 500 added 0.1% to 5,572, while the tech-heavy Nasdaq rose 0.3% to 18,403. The blue-chip Dow Jones Industrial Average, however, slipped 0.08% to end at 39,344.
Econ data, earnings on tap
Fed Chief Powell will deliver his semiannual testimony on Capitol Hill tomorrow, visiting the Senate on Tuesday and then appearing before the House on Wednesday. The Fed chair will face questions about the central bank's timeline for interest rate cuts, inflation and the rising unemployment rate seen in the June Jobs report.
Almost as if on cue, on Thursday all eyes will be on the next CPI report. Markets desperately want the Fed to enact its first quarter-point cut to the short-term federal funds rate sooner rather than later. A string of sticky inflation readings has complicated the Fed's calculus, however, and that's put the June CPI report very much in the spotlight.
According to the Federal Reserve Bank of Cleveland, annual headline inflation is forecast to increase by 3.1%, down from the 3.3% rate seen in the May CPI report. On a monthly basis, June inflation is forecast to rise 0.1%, or essentially unchanged from the prior month. June's core CPI, which excludes volatile food and energy prices, is expected to increase 3.5% annually and 0.3% on a monthly basis.
On the earnings front, the tempo should pick up on Thursday when Delta Air Lines (DAL) reports ahead of the opening bell. Morgan Stanley analyst Ravi Shanker says that DAL is one of the "cleanest stories" in airlines right now, citing Delta's outsized exposure to corporate travel vs peers. The analyst rates DAL at Overweight (the equivalent of Buy), calling it a "top pick."
On Friday, JPMorgan Chase (JPM), the nation's biggest bank by assets, is slated to post results, as is Citigroup (C). Jefferies analyst Ken Usdin, who rates JPM at Buy notes that loan growth for many banks remains sluggish due to high interest rates, which could continue to weigh on net interest income (NII) in the near term.
Corning stock soars on outlook
Corning (GLW) was the S&P 500's biggest gainer today, rising 12% to close at $43.05. The tech company raised its second-quarter guidance for core sales and core earnings per share. Corning cited "strong adoption of new optical connectivity products" for generative AI as the reason for the good news.
GLW stock has been a long-time market laggard, but excitement about all things AI has it beating the market by a wide margin in 2024.
For the year-to-date through July 5, GLW generated a total return of 28% vs 18% for the S&P 500, according to data from YCharts. Over the past 52 weeks, however, GLW lags the broader market by about 13 percentage points.
Related content
- How to Find the Best Small-Cap Stocks to Buy
- Best Dividend Stocks to Buy for Dependable Dividend Growth
- If You'd Put $1,000 Into Nvidia Stock 20 Years Ago, Here's What You'd Have Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Dan Burrows is Kiplinger's senior investing writer, having joined the publication full time in 2016.
A long-time financial journalist, Dan is a veteran of MarketWatch, CBS MoneyWatch, SmartMoney, InvestorPlace, DailyFinance and other tier 1 national publications. He has written for The Wall Street Journal, Bloomberg and Consumer Reports and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among many other outlets. As a senior writer at AOL's DailyFinance, Dan reported market news from the floor of the New York Stock Exchange.
Once upon a time – before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily – Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. He's also written for Esquire magazine's Dubious Achievements Awards.
In his current role at Kiplinger, Dan writes about markets and macroeconomics.
Dan holds a bachelor's degree from Oberlin College and a master's degree from Columbia University.
Disclosure: Dan does not trade individual stocks or securities. He is eternally long the U.S equity market, primarily through tax-advantaged accounts.
-
Planning a Major Home Renovation? 3 Smart Ways to Finance It
From HELOCs to personal loans, here’s how to pay for a major home renovation without draining your savings.
-
Six Warren Buffett Quotes Every Retiree Should Live By
The 'Oracle of Omaha' knows a thing or two about life, investing and retirement.
-
Six Warren Buffett Quotes Every Retiree Should Live By
The 'Oracle of Omaha' knows a thing or two about life, investing and retirement.
-
Budget Hacks Won't Cut It: These Five Strategies From a Financial Planner Can Help Build Significant Wealth
Cutting out your daily latte might make you feel virtuous, but tracking pennies won't pay off. Here are some strategies that can actually build wealth.
-
To Unwrap a Budget-Friendly Holiday, Consider These Smart Moves From a Financial Professional
You can avoid a 'holiday hangover' of debt by setting a realistic budget, making a detailed list, considering alternative gifts, starting to save now and more.
-
Stocks Rise to End a Volatile Week: Stock Market Today
The market's fear index reached and retreated from a six-month intraday peak on Friday as stocks closed the week well.
-
I Bought Palantir When It Was Trading at $8. Now It's $180 and I've Made $1 Million. What Do I Do?
What do you do with all that appreciated Palantir stock? We asked a financial expert for advice.
-
Treat Home Equity Like Other Investments in Your Retirement Plan: Look at Its Track Record
Homeowners who are considering using home equity in their retirement plan can analyze it like they do their other investments. Here's how.
-
Why Does It Take Insurers So Darn Long to Pay Claims? An Insurance Expert Explains
The process of verification, investigation and cost assessment after a loss is complex and goes beyond simply cutting a check.
-
Two Reasons to Consider Deferred Compensation in the Wake of the OBBB, From a Financial Planner
Deferred compensation plans let you potentially lower your current taxes and help to keep you out of a higher tax bracket. It's important to consider the risks.