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 2009The 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."