Stock Futures Edge Higher After Inflation Reading

The major indexes are on track for weekly losses and monthly wins

Digital Content Manager
May 31, 2024 at 9:17 AM
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Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) futures are higher this morning, as the major indexes attempt to leave their recent losses behind. Today's tailwinds are linked to the core personal consumption expenditures (CPE) price index -- the Federal Reserve's preferred inflation gauge -- which rose 0.2% in April, matching estimates. While stocks are on track for weekly losses, it looks like monthly wins are in the bag.

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

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.4 million call contracts and 1.2 million put contracts exchanged Thursday. The single-session equity put/call rose to 0.87, and the 21-day moving average stayed at 0.69.
  2. Dell Technologies Inc (NYSE:DELL) stock is down 15.9% in premarket trading, brushing off a first-quarter earnings and revenue beat after the tech company said its investments in the artificial intelligence (AI) space could impact its profit margins. DELL is up over 122% this year.
  3. MongoDB Inc (NASDAQ:MDB) reported a first-quarter earnings and revenue beat, but a dismal full-year forecast is overshadowing the positive results. MDB is 23.7% lower ahead of the open, and already carries a 24.2% year-to-date deficit.
  4. Nordstrom Inc (NYSE:JWN) stock is down 3.7% before the open, after the luxury retailer saw wider-than-expected losses for the first quarter, though revenue came in above expectations. The company also reaffirmed its full-year forecast. JWN is today on its way to trim its 14% year-to-date lead.
  5. June will kick off with another slew of economic data.

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Asian, European Markets Mixed on Inflation Data

Asian markets closed mixed on Friday, amid a flood of economic data. Japan’s industrial output fell 0.1% in April, compared to estimates of a 0.9% rise, while Tokyo’s core inflation rose 1.9% in May – matching expectations. South Korea’s industrial production rose a higher-than-expected 2.2% on a monthly basis in April, while China’s purchasing managers’ index (PMI) reading of 49.5 marked an unexpected contraction in May. Japan’s Nikkei led the gainers with a 1.1% rise, while the South Korean Kospi added 0.04%. Meanwhile, Hong Kong’s Hang Seng and China’s Shanghai Composite fell 0.8% and 0.2%, respectively.

Stocks are choppy in Europe as well, after the euro zone’s inflation reading came in at 2.6% in May, slightly above the predicted 2.5%. The European Central Bank’s (ECB) latest interest rate decision comes out next week, in which rate cuts are widely expected. Elsewhere, French consumer prices rose a higher-than-expected 2.7% in May. London’s FTSE 100 is up 0.6% at last glance, while the French CAC 40 sits flat, and the German DAX inches 0.09% lower. 

 

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