Stocks continue their winning streak as Disney chief Bob Iger receives a two-year extension.

Wall Street's winning week continues as inflation eases on economy.

Wall Street continued its winning streak for the fourth consecutive day on July 13, fueled by signs of easing inflation. The S&P 500 rose 0.8 percent to reach its highest close since April 2022, while the Dow Jones Industrial Average edged up 0.1 percent and the Nasdaq composite rallied 1.6 percent, led by "Big Tech" stocks. This winning streak puts the S&P 500 on track for its seventh winning week in the last nine, as data suggests that inflation may be cooling enough for the Federal Reserve to end its series of interest rate hikes. Inflation at the wholesale level slowed more than expected in June, with prices paid by producers just 0.1 percent higher than a year earlier, down from 11.2 percent inflation last summer.

In other news, Bob Iger will remain as CEO of The Walt Disney Co. through the end of 2026 after agreeing to a two-year contract extension. This extension will give the entertainment and theme park company time to find his successor. Iger, who rejoined Disney as CEO in November, has been focused on reconnecting with Disney theme park enthusiasts and restoring their faith in the brand. His short-term successor, Bob Chapek, faced criticism during his tenure.

Delta Air Lines reported record-breaking quarterly profit and revenue on July 13, surpassing expectations and raising its full-year earnings forecasts. The airline saw a nearly 13 percent increase in revenue, reaching $15.58 billion, as travelers defied forecasts of reduced spending. Delta's second-quarter profit was $1.83 billion, or $2.84 per share, exceeding Wall Street's expectations. The company now expects its full-year earnings to increase by 12 percent.

Exxon Mobil Corp. announced its acquisition of pipeline operator Denbury on July 13, in a deal valued at $4.9 billion. This acquisition gives Exxon Mobil the largest owned and operated carbon dioxide pipeline network in the U.S., with 1,300 miles of pipeline, including nearly 925 miles in one of the largest U.S. markets for CO2 emissions. The deal is expected to close in the fourth quarter, pending approval from Denbury shareholders.

PepsiCo reported better-than-expected revenue in the second quarter, despite lower demand for its drinks and snacks. The company's net income nearly doubled to $2.75 billion, while total revenue rose 10 percent to $22.3 billion. Snack food volumes fell 3 percent and beverage volumes dropped 1 percent, but net pricing rose 15 percent, marking the sixth consecutive quarter of double-digit price increases for PepsiCo. The company has raised its full-year earnings forecast by 12 percent.

In the labor market, the number of Americans applying for jobless benefits fell once again, with jobless claims dropping by 12,000 to 237,000 for the week ending July 8. The four-week moving average of claims also fell by 6,750 to 246,750. These figures indicate a strong labor market, despite the Federal Reserve's efforts to cool it by raising interest rates.

China's exports slumped 12.4 percent in June compared to the previous year, as demand weakened after central banks raised interest rates to curb inflation. Customs data released on July 13 showed that imports also slid 6.8 percent last month. In the first half of the year, China's total trade, including imports and exports, fell nearly 5 percent from the previous year, with exports slipping 3.2 percent and imports declining 6.7 percent. This decline in trade is attributed to falling commodity prices, such as oil, and slowing demand within China. Global consumer demand has weakened as central banks around the world have raised interest rates to combat inflation.

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