Story

S&P 500 Hits Record High Ahead of Bank Earnings

Daily Market Comment

July 14, 2025

The S&P 500 and NASDAQ kicked off the week hitting record highs ahead of Q2 earnings from the Money Center Banks tomorrow. Investors will also be focused on the Consumer Price Index (CPI) for one of the last reads on inflation before the July FOMC Meeting. Analysts are looking for headline and core-CPI to rise +0.3% MoM, but 2.7% and 3.0% YoY. Bitcoin was another winner cracking $120,000 before settling at a new closing record at $119,800. The market's modest gains were led by strength in the Communication Services (XLC), Financial (XLF), REITs (XLRE) and Industrial (XLI) sectors, while Energy (XLE) and Materials (XLB) were the weakest market groups. At the bell the DJIA was 88.14 points (+0.20%) higher at 44459.65 and the S&P 500 was up 8.81 points (+0.14%) finishing at 6268.56. The NASDAQ tacked on 54.80 points (+0.27%) closing at 20640.33.

Breadth was positive with advancing issues beating declining issues by 76 units on the NYSE and 1.3:1 on the NASDAQ. Volume was below average with advancing volume 58% on the NYSE and 64% of the NASDAQ. The VIX rose 0.80 (+4.88%) ahead of the inflation report and closed at 17.20. Crude oil prices lost 1.45 (-2.12%) and the August contract closed at $67.00 a barrel. Gold prices eased 9.00 (-0.27%) and finished at $3355.00 an ounce. Bitcoin (BTC) hit a new record high and closed the session at $119,800.

Stocks traded in a narrow range on light volume as investors waited on earnings and the CPI in the morning. While the banks are expected to beat estimates, a hit or miss in the CPI could move the market. Of note is that the Utilities (XLU) sector punched an all-time high on expected power usage by AI-related demand. GE Vernova (GEV) was one of the top performers in the Utilities market group jumping +2.95% after Citigroup raised its price target from $354 to $544. As long as the CPI report doesn't come in above expectations, look for another solid session tomorrow buoyed by financials.

Earnings releases to watch for on Tuesday include: JP Morgan Chase (JPM), Citigroup (C), Wells Fargo (WFC), BlackRock (BLK) and JB Hunt Transport (JBHT).

Tuesday's Market Moving Economic Calendar: CPI and Empire State Manufacturing Index.

By David L. Blake, CMT

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Market Recap - 07/14/2025

Index Close Day Change Day % Change YTD % Change
NASDAQ COMPOSITE 20640.33 54.8 0.27% 6.88%
DJ UTILITIES 1064.9 1.84 0.17% 8.36%
DJ TRANSPORT 16102.43 -106.43 -0.66% 1.3%
DJ INDUSTRIALS 44459.65 88.14 0.2% 4.5%
NYSE COMPOSITE 20581.45 33.78 0.16% 7.77%
S & P 100 INDEX 3077.51 3.7 0.12% 6.48%
RUSSELL 2000 2249.73 14.9 0.67% 0.88%
S&P 500 6268.56 8.81 0.14% 6.58%
CBOE MKT VOLATILITY 17.2 0.8 4.88% -0.86%
AMEX COMPOSITE 6004.39 40.05 0.67% 28.13%
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