Tech stocks posted gains again, with the Nasdaq up 2.1% to close above 13,000 for the first time since April 25. The S&P 500 jumped 1.7% as the benchmark posted its fourth straight weekly gain and the Dow Jones industrial average rose 4 points, or about 1.3%. Shares of Apple ( AAPL ) gained 2% after a Bloomberg News report said the tech giant expects to maintain iPhone sales in 2022 despite a market slowdown. The company expects to assemble about 220 million iPhones in total this year, according to Bloomberg, which cited people familiar with the matter. Apple’s sales and production expectations are usually a secret. Electric vehicle maker Rivian Automotive ( RIVN ) was on alert after the company on Thursday reported a bigger-than-expected second-quarter loss but maintained its production outlook for the rest of the year. Shares closed slightly lower after losses from sharper declines earlier in the session. An employee arranges Apple iPhones as customers shop at the Apple Store on 5th Avenue shortly after a new product sale in Manhattan, New York, New York, U.S., March 18, 2022. REUTERS/Mike Segar Economic data in recent days reassured investors that inflationary pressures are beginning to ease across the economy after rising at a steady pace since early 2021. The producer price index (PPI) on Thursday showed prices fell 0.5% from the previous month compared to expectations for a 0.2% increase. On Wednesday, the consumer price index (CPI) showed that prices were flat during the month and rose less than expected at an annualized 8.5%. After lighter consumer and producer price prints, a reading of US import prices on Friday reflected their first drop in seven months in July, Labor Department data showed. Import prices fell a better-than-expected 1.4% last month after rising 0.3% in June, the biggest monthly decline since April 2020. “The fact that we’re starting to see energy prices come down, that may be a sign of what’s to come for other inflation indicators,” iCapital network chief investment strategist Anastasia Amoroso told Yahoo Finance Live. “We’re starting to shed that inflation issue and that’s a big catalyst for the markets.” The story continues CPI data on Wednesday showed the gasoline index fell 7.7% month-on-month in July – the biggest drop since April 2020 – as natural gas prices fell for the past 59 days, falling below $4 a gallon for the first time since March on a Thursday. they showed data from AAA. Elsewhere in economic news, the University of Michigan’s August preliminary reading of its consumer sentiment index rose last month from a record low earlier this summer with a reading of 55.1. The number reached 51.5 last month and hit a record low of 50 in June. — Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc Click here for the latest stock market news and in-depth analysis, including the events that move stocks Read the latest financial and business news from Yahoo Finance Download the Yahoo Finance app for Apple or Android Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn and YouTube
