Dow Jumps Triple Digits After Inflation Data

Investors are eyeing mild PCE data as well as earnings

Deputy Editor
Jul 28, 2023 at 9:12 AM
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Futures on the Dow Jones Industrial Average (DJI) are up triple-digits ahead of the open, after the blue-chip index snapped a 13-day win streak yesterday. The S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are sitting higher as well, as investors unpack personal consumption expenditures (CPE) and core CPE data, which both rose a mild 0.2%, pointing to easing inflation. There are plenty of new corporate earnings reports as well, including strong results from Procter & Gamble (PG). 

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

  • Steer clear of this sector in August. 
  • How to execute short debit spreads on Robinhood. 
  • Plus, ROKU jumps after earnings, ENPH hit with bear notes after results; and XPEV upgraded.

Futures July28

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts and over 1.1 million put contacts exchanged on Thursday. The single-session equity put/call ratio rose to 0.56 and the 21-day moving average stayed at 0.65.
  2. Roku Inc (NASDAQ:ROKU) is up 8.2% premarket, after the streaming service's narrower-than-expected second-quarter losses, strong revenue, and upbeat current-quarter forecast. Plus, no fewer than 10 analysts lifted their price targets after the results. Year-to-date, the equity is up 67.5%. 
  3. Enphase Energy Inc (NASDAQ:ENPH) is down 15% before the bell, and looking to add to its 37% year-to-date deficit. Though the solar name announced a second-quarter earnings beat, both its revenue and third-quarter revenue forecast missed estimates. No fewer than nine analysts threw in price-target cuts after the event. 
  4. The shares of Xpeng Inc (NYSE:XPEV) are up 6.3% in electronic trading, after an upgrade to Jefferies to "buy" from "hold." The firm cited the company's recent electric vehicle (EV) development plan with Volkswagen. Headed for its fourth week of gains in the last five, XPEV is 104.4% year-to-date. 
  5. Today will also bring the employment cost index and consumer sentiment data.


Bank of Japan Announces Policy Update

Markets in Asia closed mostly higher today, with the exception of the Nikkei, which fell 0.4% after the Bank of Japan (BoJ) held its -0.1% policy rate and shifted its policy on yield curve control. China’s housing ministry is looking to making it easier for civilians to buy homes and land, sending property stocks higher. At the close, China’s Shanghai Composite added 1.8%, Hong Kong’s Hang Seng tacked on 1.4%, and South Korea’s Kospi climbed a modest 0.2%.

European stocks are looking modest today, as investors eye the BoJ’s policy update and numbers that indicate a struggling economy in Germany. Specifically, the German DAX is flat, after gross domestic product (GDP) data showed a 0.2% contraction on the year. London’s FTSE 100 was last seen up 0.04% and France’s CAC 40 is off 0.1%.


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