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.

Sign up for Kiplinger’s Free E-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
Get Kiplinger Today newsletter — free
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.
-
Ask the Editor, May 16 — Reader Questions on Capital Gains
In our latest Ask the Editor round-up, Joy Taylor, The Kiplinger Tax Letter Editor, answers three questions from readers on capital gains.
-
Delta’s New Fare Changes: What Travelers Need to Know
Here’s what travelers need to know about Delta’s fare changes before booking their next flight.
-
Stock Market Today: Investors Look on the Bright Side
A generally good week closes on another positive note, as investors, traders and speculators look for fresh catalysts.
-
My Three-Day Rule for Investing: And If it Applies Now
Stock Market I've seen a lot in my career. Here's what I see now in the stock market.
-
Such Attractive Yields in High-Grade Munis Are Rare and May Not Last Long
According to this munis expert, the last time munis were this cheap was a brief period in 2023. If you kicked yourself for missing out then, you have a second chance now.
-
Financial Analyst Sees a Bright Present for Municipal Bond Investors
High-tax-bracket investors have an excellent opportunity to secure low-volatility, high-quality returns at yield levels rarely seen in over a decade.
-
I'm an Insurance Pro: How Not to Get Dumped by Your Insurance Agent
Your insurance agent or broker might show you the door if you do any of these five things. Being a good customer is about more than paying your bill on time.
-
Stock Market Today: Stocks Climb More Walls of Worry
Volatility is back in a normal range, and the trend for the main equity indexes remains positive despite specific and general headwinds.
-
Is It Time to Invest in Europe?
Stock Market Europe is being shaken out of its lethargy, militarily and otherwise, by Donald Trump's changes in U.S. policy. Should investors start buying?
-
Two Estate Planning Issues You Should Never Overlook
This estate planning attorney explains why proper asset titling and beneficiary designations make a big difference when it's time to transfer your wealth.