Stock Futures Firmly Higher as Inflation Gauge Slows

Inflation for May rose at its lowest rate since April 2021

Digital Content Manager
Jun 30, 2023 at 9:19 AM
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Wall Street is wrapping up the week, June, the second quarter, and the first half of the year later today, but there is plenty of economic data to unpack before then. The core personal consumption expenditures (PCE) price index for May showed inflation rising at its lowest rate since April 2021, while consumer spending dropped to 0.1% in May from 0.6% in April.

Futures on the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are all firmly higher, as the major benchmarks eye weekly, monthly, and quarterly wins. Most notable is the Nasdaq, which is on track for its best first half of the year since 1983.

Continue reading for more on today's market, including: 

  • Joby Aviation stock pops on air taxi testing approval.
  • Check out what's slated for 4th of July week.
  • Plus, NKE's earnings disappoint; AAPL nears massive milestone; and CCL upgraded.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 885,871 put contacts exchanged on Thursday. The single-session equity put/call ratio fell to 0.58 and the 21-day moving average stayed at 0.67.
  2. Nike Inc (NYSE:NKE) yesterday reported worse-than-expected fiscal fourth-quarter earnings of 66 cents per share, marking its first miss in three years. The security saw no fewer than seven price-target cuts in response, despite also announcing a revenue beat. NKE is down 2.4% before the bell, but still sports a 9.8% year-over-year lead.
  3. Apple Inc (NASDAQ: AAPL) stock is closing in on the $3 trillion market cap, after a Street-high price-target from Citigroup of $240 alongside a new "buy" rating. The equity is up 1% ahead of the open, and 45.9% in 2023.
  4. Jefferies upgraded Carnival Corp (NYSE:CCL) to "buy" from "hold" earlier, with the analyst in coverage citing changes its new CEO implemented and better leverage. Carnival stock is up 3.2% in premarket trading, and boasts a 112.9% year-to-date lead.
  5. Today brings the Chicago purchasing managers index (PMI) and consumer sentiment data. 

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European Markets Rise as Inflation Rate Falls

Stocks in Asia finished the day on both sides of the aisle. Japan’s Nikkei and China’s Shanghai Composite fell 0.1% and 0.09%, respectively, while China’s Shanghai Composite and the South Korean Kospi both rose 0.6%. South Korea’s industrial production rose 3.2% for the month in May, while China’s NBS manufacturing purchasing managers’ index (PMI) came in at 49 – representing contraction for the third-straight month.

European markets are on the rise midday, after euro zone inflation fell a wider-than-expected 5.5% in June. London’s FTSE 100 is up 0.7% at last glance, while the French CAC 40 is up 1.1%, and the German DAX rises 1.2%.

 

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