Stock Futures Rise as Investors Cheer Core Inflation Data

The core PCE price index shows milder inflation readings

Deputy Editor
Sep 29, 2023 at 9:08 AM
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Stock futures on the rise this morning, with futures on both the Dow Jones Industrial Average (DJIA) and Nasdaq Composite (IXIC) up triple digits as Wall Street looks to end both a rough month and quarter on an upbeat note. Investors are eyeing the PCE price index this morning, which showed the cost of goods and services rising 3.5% annually amid higher gas prices, and 0.4% in August -- its biggest monthly rise in seven months. 

Core inflation, the Fed's preferred inflation gauge that excludes food and energy costs, only rose 0.1% last month and decelerated to 3.9% from 4.3% for the year. Meanwhile, oil prices are on track for their fourth-straight monthly rise. 

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

  • Signal says Yeti stock could rally soon. 
  • Analyst named Philip Morris stock a "top pick." 
  • Plus, NKE jumps after earnings; restaurant stock upgraded; and APRN bought out. 

Futures Sep29

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.1 million call contracts and 898,689 put contracts exchanged on Thursday. The single-session equity put/call ratio fell to 0.80 and the 21-day moving average stayed at 0.67.
  2. Nike Inc (NYSE:NKE) stock is up 9.7% before the bell, after the blue-chip retailer reported a first-quarter earnings beat that overshadowed a revenue miss. A handful of analysts chimed in with price-target adjustments in both directions. Looking to snap a three-week losing streak, NKE is down 23.4% in 2023. 
  3. Stifel upgraded Brinker International Inc (NYSE:EAT) stock to "buy" from "hold," with a price-target hike to $45 from $38. The firm noted that the restaurant company's strategic playbook is similar to peers that recently managed a turnaround. Should its 4.1% premarket lead hold, EAT will break into positive territory for the year. 
  4. Blue Apron Holdings Inc (NYSE:APRN) stock is soaring 133% in electronic trading, after news that Wonder Group will acquire the meal delivery company for $13 per share, or $103 million. Yesterday, the stock closed at $5.49, down 44.9% since the start of the year. 
  5. See what economic data is scheduled this week


Plenty of Economic Data out of Asia

Stocks in Asia were largely higher to close out the week, as investors assessed economic data out of Japan. Specifically, the country’s consumer price index (CPI) rose 2.8% in September – its slowest growth in a year – while the core inflation rate came in at 2.5%. In addition, Japan’s factory output was flat, industrial output experienced a third-straight monthly slide, retail sales rose more than expected, and the unemployment rate remained unchanged. In response, the Nikkei closed Friday just below breakeven. Meanwhile, Hong Kong’s Hang Seng rose 2.5%, while Chinese and South Korean markets were closed for a holiday.

European markets are on track to snap a five-day losing streak, after euro zone inflation fell to 4.3%, or its lowest level since October 2021. At last glance, London’s FTSE 100 is 0.7% higher, while France’s CAC 40 and Germany DAX are both up 1%.


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