Stock Futures Mixed After More Inflation Data

Investors are looking at a second day of cooler-than-expected inflation readings

Deputy Editor
Jun 13, 2024 at 9:21 AM
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Stocks are mixed before the bell this morning, with futures on the Dow Jones Industrial Average (DJIA) lower, S&P 500 Index (SPX) futures modestly higher, and Nasdaq-100 Index (NDX) futures up triple digits. This morning brought another cooler-than-expected inflation report, with the producer price index (PPI) falling 0.2% in May, compared to estimates of a 0.1% rise. Still notable is yesterday's decision from the Federal Reserve to keep interest rates unchanged, while the central bank lowered its 2024 rate-cut expectations to one from three. 

  • Diving into 2 stocks under $20
  • How call traders doubled their money with Robinhood stock. 
  • Plus, AVGO heads for more record highs; PLAY plummets on earnings miss; and GLW dips after downgrade. 

Futures June 13

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 2.2 million call contracts and 1.1 million put contracts exchanged on Wednesday. The single-session equity put/call fell to 0.53, while the 21-day moving average stayed at 0.69.
  2. Broadcom Inc (NASDAQ:AVGO) is up 14.1% premarket, after the semiconductor name reported strong fiscal second-quarter results, raised its forecast, and announced a 10-for-1 stock split. Plus, no fewer than 13 analysts lifted their price targets. Looking to gap above yesterday's record highs, AVGO is up 34% year to date heading into today's trading. 
  3. Dave & Buster's Entertainment Inc (NASDAQ:PLAY) is off 9.2% before the bell, after the restaurant chain's first-quarter earnings miss. In response, no fewer than three analysts chimed in with price-target cuts. Since the start of 2024, PLAY is down 6.5%. 
  4. Corning Inc (NYSE:GLW) is down 1.2% in electronic trading, after a downgrade from Morgan Stanley to "equal weight" from overweight," with a price-target hike to $38 from $35. Looking to retreat from last session's two-year highs, the equity is up 24.9% since the start of the year. 
  5. All of the economic data on tap for the rest of this week. 

Buzz 0613

EV Tariffs Weigh on Auto Sector

Asian markets were mixed Thursday, after the Fed left interest changes unchanged stateside. Hong Kong’s Hang Seng added 1% after electric vehicle (EV) stocks soared, brushing off the European Union’s (EU) plans to place tariffs of up to 38% on Chinese EV makers. South Korea’s Kospi also gained 1% to rise for a third consecutive session. Elsewhere, China’s Shanghai Composite shed 0.3% and Japan’s Nikkei lost 0.4%.

The major bourses in Europe are lower this afternoon, with all sectors trading in the red, led by the auto sector following the aforementioned EV tariffs. Investors in the region are also digesting the stateside monetary policy decision. At last glance, London’s FTSE 100 is off by 0.4%, while Germany’s DAX and France’s CAC 40 are 1.2% and 1.1% lower, respectively.

 

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