US STOCKS-Wall St higher but on track for deep weekly losses

Reuters

Warning: This material has been prepared by a third party company, Reuters, which is independent of Davy. Davy has not reviewed the material and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. It does not constitute investment advice.

* Consumer price index up 0.1 pct in July vs est 0.2 pct * S&P, Dow on track to post biggest weekly fall in about 5 months * J.C. Penney, Snap plunge to record lows on weak results * Indexes up: Dow 0.25 pct, S&P 0.35 pct, Nasdaq 0.56 pct (Adds details, changes comment, updates prices) By Sruthi Shankar and Tanya Agrawal Aug 11 (Reuters) - U.S. stocks were modestly higher in late morning trading on Friday as investors cautiously dipped back into riskier assets, after a three-day losing streak on concerns over escalating tensions between the United States and North Korea. A weaker-than-expected July consumer price data also supported the recovery. Still, the S&P and the Dow were on track to post their biggest weekly loss in about five months and the Nasdaq on course to post its biggest weekly fall in about six weeks. In his latest warning to North Korea, U.S. President Donald Trump said on Friday military solutions were "fully in place" and referred to American weapons as being "locked and loaded" should the nuclear-armed nation act "unwisely". urn:newsml:reuters.com:*:nL1N1KX0EE Nearly $1 trillion has been wiped out from global equity markets since tensions were sparked off by Trump's "fire and fury" comments on Tuesday. The CBOE Volatility Index .VIX , a barometer of expected near-term stock market volatility, closed at its highest since the U.S. presidential election on Thursday, but was down 1.22 points at 14.82 points on Friday. The consumer price data, which pointed to weak inflation, could cause the Federal Reserve to hold off from raising rates again this year. urn:newsml:reuters.com:*:nL1N1KW1B2 "The market is trying to interpret the CPI data as somewhat positive because it is anticipating that the Fed will be on hold not only in September but also possibly in December," said Robert Pavlik, chief market strategist at Boston Private Wealth. "It clears the field of another possible issue and with that you start to see a little bit of short covering going on." Federal funds futures suggested the chance of rate hike in December fell to 40 percent from 42 percent shortly before the release of the data. urn:newsml:reuters.com:*:nL1N1KX0I0 At 10:57 a.m. ET (1457 GMT), the Dow Jones Industrial Average .DJI was up 54.38 points, or 0.25 percent, at 21,898.39, the S&P 500 .SPX was up 8.69 points, or 0.35 percent, at 2,446.90. The Nasdaq Composite .IXIC was up 34.61 points, or 0.56 percent, at 6,251.48. The U.S. equity market is hovering near record levels and volume has been tepid following the onset of summer. The S&P has lost more than 1 percent on only three days this year. Six of the 11 major S&P sectors were higher, with the technology's .SPLRCT 0.36 percent rise leading the advancers. Shares of Snap SNAP.N were down as much as 14.23 percent and hit an all-time low following a miss on revenue and daily active users. At least seven brokerages cut their price targets on the stock. urn:newsml:reuters.com:*:nL4N1KW6AD Nvidia's NVDA.O quarterly revenue in its data center and automotive businesses missed estimates, dragging the chipmaker's shares down 5.43 percent. urn:newsml:reuters.com:*:nL4N1KW6EF J.C. Penney JCP.N slumped as much as 18.25 percent to a record low after the retailer reported a bigger-than-expected quarterly loss. urn:newsml:reuters.com:*:nL4N1KX3VV Advancing issues outnumbered decliners on the NYSE by 1,432 to 1,310. On the Nasdaq, 1,462 issues rose and 1,227 fell. (Reporting by Sruthi Shankar and Tanya Agrawal in Bengaluru; Editing by Sriraj Kalluvila) ((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 6328; Reuters Messaging: sruthi.shankar.reuters.com@reuters.net)) Keywords: USA STOCKS/

Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.