Stocks were poised for a sharply higher open thanks to momentum generated by Intel’s after hours earnings report yesterday. The tech bellwether reported second-quarter profit and revenue that both fell from a year ago but beat Wall Street estimates. The chip maker also issued guidance that was well above the consensus, saying it expects to see revenue growth in the second half of the year.
On the economic front, U.S. consumer prices rose at a slightly faster-than-expected 0.7% pace in June, but the bulk of the increase was due to higher gasoline prices. Core inflation remained relatively tame, up 0.2%. Separately, mortgage applications rose for a second straight week as rates fell and the Empire State Manufacturing index beat expectations. Manufacturing in the New York region shrank this month at the slowest pace in more than a year as orders climbed by the most since the recession began. Still to come are the minutes from the most recent FOMC meeting.
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