Stock Futures Pop on First CPI Decline Since Pandemic

Stock futures are turning higher this morning, thanks to a cooler-than-expected consumer price index (CPI) reading for June. The highly anticipated report showed a surprise 0.1% drop last month -- the first monthly move lower since the beginning of the Covid-19 pandemic -- as well as a 3% year-over-year increase that also came in below estimates.

Economists were predicting 0.1% monthly and 3.1% year-over-year increases. Bond yields are in freefall after the encouraging report, while Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are all looking to extend yesterday's impressive gains.

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

• 2 AI stocks traders can still buy for cheap.
• Another bullish rating for Walmart stock.
• Plus, Pepsi's revenue miss; DAL grounded; and Costco lifts membership prices.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 873,953 put contracts traded on Wednesday. The single-session equity put/call fell to 0.55, while the 21-day moving average remained at 0.67.
2. PepsiCo Inc (NASDAQ:PEP) reported a revenue miss for the second quarter and lowered its full-year revenue outlook. The beverage stock is down 1.7% in premarket trading, and off by 11.1% in the last 12 months.
3. Delta Air Lines, Inc. (NYSE:DAL) stock is down 9.1% ahead of the open, brushing off record revenue after issuing a disappointing sales growth outlook for the current quarter, as well as a 30% dip in net income. Should today's losses take hold, the airline stock will cut into its 16.5% year-to-date lead.
4. Costco Wholesale Corporation (NASDAQ:COST) raised membership prices in North America for the first time since 2017. Shares are 1.9% higher before the bell, and have already added 34% in 2024.
5. Slew of bank earnings and inflation data due out this week.

Asian, European Markets Edge Higher

Asian markets finished higher on Thursday. Japan’s Nikkei hit another record high today, rising 0.9% after the country’s core machinery orders climbed a higher-than-expected 10.8% on a year-over-year basis, but fell 3.2% for the month for a second-straight monthly drop, compared to estimates of a 0.8% rise. Elsewhere, the South Korean Kospi rose 0.8% after the Bank of Korea held rates steady for the 12th time in a row, while China’s Shanghai Composite added 1.1%, and Hong Kong’s Hang Seng rose 2.1%.

Stocks are higher in Europe at last glance as well. London’s FTSE 100 is 0.2% higher, after flash figures showed the U.K.’s economy growing 0.4% in May. The French CAC 40, meanwhile, is up 0.4%, while the German DAX rises 0.3%.