Stock Futures Break Out as Inflation Slows

All eyes are on lower-than-expected inflation data this morning, as today's numbers are expected to play a major role in the Federal Reserve's upcoming interest rate decision. The U.S. consumer price index (CPI) rose 3% year-over-year in June from the previous month's 4%, its lowest level since March 2021, while yearly core CPI slowed to 4.8% from July's 5.3%, its lowest level since August 2021.

Futures on the Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) are up triple digits, while S&P 500 (SPX) futures join them confidently in the black. Wall Street was cautiously higher earlier in the morning, but ripped higher once the CPI came out. 

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

• New partnership boosts Roku stock. 
• Airbnb stock has layers of technical support in place. 
• Plus, BYND boosted on new product; two stocks surging on upgrades. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and 756,207 put contacts exchanged on Tuesday. The single-session equity put/call ratio fell to 0.39 and the 21-day moving average dropped to 0.65.
2. Beyond Meat Inc (NASDAQ:BYND) stock is up 3.6% premarket, looking to extend yesterday's 4% pop, after news that the plant-based company's new retail item, a streak product, will now be sold at around 14,000 stores across the U.S. BYND is on track for its seventh-straight weekly win, up 25.6% year-to-date. 
3. SunPower Corp (NASDAQ:SPWR) stock is up 7.6% before the bell, after an upgrade from Raymond James to "strong buy" from "outperform." The firm called the stock's recent weakness "excessive," following this week's nearly three-year lows. SPWR is down 47.2% since the start of the year. 
4. Auto stock Holley Inc (NASDAQ:HLLY) is surging 14.8% in electronic trading after a pair of upgrades. BofA Global Researched upped its rating to "buy" from "neutral," while J.P. Morgan Securities raised HLLY to "overweight" from "neutral." Heading into today, the equity is up 107.5%, as its 20-day moving average supports its recent rally. 

5. Today will bring the Fed Beige Book and additional Fed speeches.

Tech Boosts European Markets

Asian markets were mixed on Wednesday, as investors unpacked a slew of economic indicators and awaited inflation data out of India and the U.S. Japan’s Nikkei shed 0.8%, despite its corporate goods price index rising at its slowest pace in six months, while South Korea’s Kospi added 0.5% amid rising unemployment numbers for June. Elsewhere, China’s Shanghai Composite shed 0.8%, and Hong Kong’s Hang Seng added 1.1%.

European investors are also monitoring incoming stateside data. Tech stocks are leading the charge, as the U.S. dollar pivots lower. Pacing the gainers is London’s FTSE 100 with a 1.4% pop, while the German DAX is up 1%, and France’s CAC 40 is 0.8% higher.