Dow Jones Today: Cooling Inflation Sends Index Up

By
Terry Lane
Terry Lane
Full Bio
Terry has 25 years experience in journalism and communications, reporting on a range of topics that include personal finance, telecommunications, Congress, government regulations, and criminal justice. He has also worked on technology, energy, and environmental policy issues as a congressional press secretary and owned and published a local community newspaper in North Carolina.
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Published July 13, 2023
Traders work on the floor of the New York Stock Exchange.

Spencer Platt / Getty Images

Key Takeaways

  • Microsoft led the Dow Jones Industrial Average higher on a price target hike pinned to its AI services.
  • Coca-Cola rose after Pepsi beat earnings expectations and raised its outlook.
  • Travelers Companies' shares fell after Progressive’s earnings report shows problems in auto insurance.

Another positive inflation report helped the Dow Jones Industrial Average keep up its winning ways this week, pushing the index higher by 0.15%, or 51 points. 

The Nasdaq led major market indexes by moving higher by 1.7%, while the S&P 500 gained 0.9%. 

Microsoft (MSFT) led all Dow stocks higher, rising 1.6% to $342 after an Oppenheimer analyst lifted the price target for the software giant to $410 from $330.  

Other tech stocks also led the Dow 30, with Cisco Systems (CSCO) rebounding from its analyst downgrade yesterday to gain 1.6%, while Salesforce (CRM) rose 1.4% and Apple (AAPL) gained 0.5%. 

Coca-Cola (KO) climbed 0.9% after competitor PepsiCo (PEP) beat Wall Street expectations on its earnings report and forecast that organic revenue will go up 10% this year, compared with its previous projection of 8%. Shares of Pepsi rose 2.4%.

Walt Disney Company (DIS) shares traded 0.4% higher after CEO Bob Iger told CNBC the media giant may explore a new strategic partnership for its TV assets, including ABC and ESPN. The company also announced today it had extended Iger's contract for an additional two years.

Shares of Travelers Companies (TRV) fell 1.5% after its competitor Progressive Corp. (PGR) missed earnings estimates this morning, reporting higher expenses associated with underwriting car insurance. Progressive shares fell 13%.

Walgreens Boots Alliance (WBA) was the worst-performing Dow component, falling 2%, while Chevron (CVX) dropped 1.4% and Home Depot (HD) fell 0.9%.

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