Wall Street Stays Positive as More Inflation Data Rolls In

Stock futures are moving higher this morning, with Wall Street looking to extend its win streaks following more upbeat inflation data and the unofficial start of earnings season. The U.S. producer price index (PPI) reading came in at a lower-than-expected 0.1%, the lowest annual wholesale inflation rate since Sep. 2020, while the core PPI increased 0.1% as well. Meanwhile, jobless claims for last week came in at 237,000. 

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

• The best and worst sectors of 2023 so far, per Schaeffer's Senior Quantitative Analyst Rocky White. 
• Why Lucid Group stock sat out yesterday's rally. 
• Plus, two stocks moving higher after earnings; and CVNA receives a downgrade.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts and 972,444 put contacts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.52 and the 21-day moving average stayed at 0.65.
2. Delta Air Lines Inc (NYSE:DAL) stock is up 3.9% premarket, after the company's second-quarter results came in at record highs. The airline also raised its full-year profit forecast. Looking to extend yesterday's two-year peak, the equity is up 45.9% year-to-date heading into today. 
3. PepsiCo Inc (NASDAQ:PEP) stock is also enjoying a post-earnings boost, up 2.5% before the bell. The beverage giant reported strong second-quarter results, and raised its full-year forecast due to price hikes and steady demand. PEP is up 1.3% since the start of the year. 
4. J.P. Morgan Securities downgraded Carvana Co (NYSE:CVNA) to "underweight" from "neutral," seeing a more than 70% downside for the stock after this year's outperformance. CVNA is up over 700% year-to-date. 

5. Today will also bring a Federal Budget update.

China Exports See Sharp Drop

Asian markets were firmly higher on Thursday, following cooler-than-expected U.S. inflation data. Investors also unpacked China’s trade data for June, which came in below estimates as exports saw their sharpest drop in over three years. Leading the gainers was Hong Kong’s Hang Seng with a 2.6% pop, followed by China’s Shanghai Composite 1.3% gain. Meanwhile, Japan’s Nikkei added 1.5%, and South Korea’s Kospi rose 0.6% after the Bank of Korea (BOK) kept its key policy rate at 3.5%.

European markets are also enjoying tailwinds, after the U.K. economy contracted 0.1% for May, as opposed to the 0.3% contraction analysts anticipated. Traders are keeping an eye on the stateside PPI reading, inflation data out of France, and the euro zone industrial production reading. At last check, France’s CAC 40 is up 0.8%, while the German DAX and London’s FTSE 100 are up 0.6% and 0.3%, respectively.