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Stock futures are flat after Dow notches five-day win streak - CNBC

Stock futures are flat after Dow notches five-day win streak - CNBC

Stock futures are flat after Dow notches five-day win streak - CNBC
Aug 17, 2022 1 min, 45 secs

Stock futures were mostly flat on Wednesday morning after two of the country's big box chains, Walmart and Home Depot, pushed the Dow and S&P 500 higher and set the stage for more retail earnings this week.

Retailers led the market higher thanks in large part to strong quarterly results from both Walmart and Home Depot, which were the biggest gainers in the 30-stock Dow, and pulled others such as Target, Best Buy and Bath & Body Works up with them.

Meanwhile, the S&P 500 is going for its fifth up week in a row as investors continue to gauge how much strength this rally has.

"This market has been so resilient," Brynn Talkington, managing partner of Requisite Capital Management, said on CNBC's "Closing Bell: Overtime." "As we're coming to a close on earnings, earnings are going to beat by a median of about 7%.".

"[With] the macro story that's recently taken hold and led to some more broad-based gains in the market – it's way too early to be having any kind of conviction that we truly know the shape of inflation going into the fall or next year, or that we know how the Fed will react to that inflation.".

Core inflation, which excludes energy, food, alcohol and tobacco, came in at 6.2% in the year to July 2022, rising from 5.8% in June and ahead of projections of 5.9%.

Rising food prices made the largest upward contribution to annual inflation rates between June and July, the ONS said in its report.

Bespoke Investment Group's Paul Hickey said the S&P 500 is seeing its best earnings season rally since 2009

The best earnings season going back to 2008 was the second-quarter reporting period of 2009."

"Instead of borrowing from the future, we're getting payback from, say, the loan we gave in June coming into earnings season, when the market just vomited concerns that this was going to be an earnings disaster and when we sort of reached peak fed panic over inflation."

Summarized by 365NEWSX ROBOTS

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