U.S. inflation up, U.S. stocks down, TSX up

The annual U.S. inflation rose crept up to 2.7% in June, after posting 2.4% in May. The second-straight month of rising American prices made Wall Street jittery and sold off across all three major indices. The S&P closed -0.3%, the Nasdaq -0.38% and the Dow -0.46%. Meanwhile, earnings remained the focus.

Corning beat and shares shot up 11.86%. Novo Nordisk slashed its outlook and its shares crashed by 21.83%. After the close, Spotify reported a miss and tanked 11.55%. Elsewhere, UPS was -10.57% and Carrier Global -10.61%. The U.S. 10-year yield ticked down to 4.324%. Bitcoin slipped 0.4% to US$117,565.

In contrast, the TSX beat last Friday’s record high by climbing 0.49% to 27,539. Nearly all sectors rallied, led by tech, real estate and healthcare. Financials were flat. Earnings and forecast dominated headlines on Bay Street as much as on Wall Street. Celestica reported a slam-dunk quarter and its shares soared 16.92%. BRP rallied 7.88%, Colliers 6.6% and New Gold 5.49%. However, Air Canada saw net income plunge by half in Q2 due to Canadians boycotting travel to the U.S., and AC shares cratered 12.25%. Focus remains on whether the U.S. can reach trade agreements with Canada and China by the August 1 deadline. Meanwhile, the U.S. Fed will make its next rate decision on Wednesday.

🧬 Corning Inc (GLW-N) +11.86%

🧫 Novo-Nordisk (NVO-N) -21.83%

🎧 Spotify Technology (SPOT-N) -11.55%

📦 United Parcel Services (UPS-N) -10.57%

⚙ Carrier Global Corporation (CARR-N) -10.61%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.4%

🧬 Celestica Inc (CLS-T) +16.92%

⚙ BRP INC. (DOO-T) +7.88%

🏛 Colliers International Group (CIGI-T) +6.6%

🥇 New Gold Inc. (NGD-T) +5.49%

🛫 Air Canada (AC-T) -12.25%