CNBC Daily Open: July was great for stocks — and oil

Tepid markets
U.S. markets traded higher Monday arsenic each 3 large indexes edged up somewhat aft a winning week. Europe's determination Stoxx 600 scale eked retired a 0.12% increase connected the backmost of a dip successful ostentation and higher-than-expected economical maturation successful the euro zone.

Upbeat euro portion figures
The euro portion reported positive economical data Monday. Inflation successful July was 5.3%, 20 ground points little than June's reading. Separate information showed that the continent's gross home merchandise grew 0.3% successful the 2nd quarter, higher than the 0.2% forecast. That fig was mostly boosted by Ireland's economy, which expanded 3.3% during the period.

Tighter lending conditions
For the 2nd fractional of 2023, U.S. banks expect to tighten standards for each indebtedness categories, according to the Federal Reserve's Senior Loan Officer Opinion Survey. That means recognition limits mightiness lower, and car loans mightiness beryllium harder to get. In the commercialized and concern lending segment, banks are already seeing little request for loans.

New filing against JPMorgan Chase
JPMorgan Chase handled much than $1.1 million successful payments from Jeffrey Epstein to "girls oregon women" adjacent aft the bank says it removed the sex offender as a lawsuit successful 2013, a lawyer for the U.S. Virgin Islands told a justice Monday. The Virgin Islands alleges that JPMorgan facilitated and financially benefited from Epstein's enactment trafficking of young women.

[PRO] Where's the S&P 500 going?
The S&P 500 has rallied a singular 20% successful 7 months and is lone astir 200 points distant from its all-time high. CNBC Pro's Bob Pisani explains what drove the S&P to specified heights, and wherever the scale is going for the last 5 months of the year.

A brushed landing — wherever ostentation cools portion the U.S. economy, labour marketplace and firm net proceed increasing — is, of course, bully quality for markets.

Traders deliberation that script is looking progressively likely. Stocks inched up Monday. The S&P 500 added 0.15%, the Dow Jones Industrial Average roseate 0.28% and the Nasdaq Composite precocious 0.21%.

That gave each indexes a rosy July. For the month, the S&P climbed 3.1%, its 5th consecutive period of gains. The Dow jumped 3.4% aft experiencing a 13-day rally, its longest since 1987. The Nasdaq Composite popped 4.1%, its archetypal five-month streak successful much than 2 years.

The optimism extended to the commodities market. The committedness of higher economical activity, aft all, raises request for the earthy input needed to support the satellite moving, literally.

Oil prices are poised to person their champion period since January 2022, erstwhile some Brent crude and West Texas Intermediate crude added much than 17.2%. At work time, Brent's up 14.23% and WTI's 15.8% for the month. (It's inactive the past time of July successful the U.S. due to the fact that of clip portion differences.)

Metal prices are climbing arsenic well. Prices for aluminum and zinc roseate 2.7%. Copper — typically seen arsenic an indicator of economical enactment due to the fact that it's utilized successful astir parts of the system — is astatine its highest since May 1, putting it connected way to person its champion period since January.

Rocketing banal prices mightiness not necessarily, oregon directly, person effects connected the outgo of eggs successful market stores, for example. But a blistery commodities marketplace nudges up prices successful the existent world.

That's the hard balancing enactment the Federal Reserve has to contend with: As a soft-landing script becomes much plausible, renewed economical enactment might, ironically, marque ostentation harder to suppress.