Stock Futures Higher as Inflation Data Meets Expectations

The major indexes are heading for weekly losses

Fernanda Horner

Digital Content Manager

Jul 26, 2024 at 9:20 AM

Futures tied to the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are firmly higher this morning, after June's personal consumption expenditures (PCE) price index met expectations of a 2.5% year-over-year rise. The inflation reading is likely to influence the Federal Reserve's upcoming interest rate decisions. The major indexes are on track for weekly losses, however, due to a tech selloff and rotation back into cyclical stocks.

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

Checking in on 3 popular EV stocks.
Bull signal flashes for hurting chip stock.
Plus, blue chip’s post-earnings pop; WW downgraded; and Boston Beer’s dismal quarter.

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts and 1.3 million put contracts traded on Thursday. The single-session equity put/call rose to 0.80, while the 21-day moving average remained at 0.66.
Blue chip 3M Co (NYSE:MMM) is up 6.6% ahead of the open, after the company reported better-than-expected earnings and revenue for the second quarter. MMM already sports a 13.1% year-to-date lead.
Morgan Stanley downgraded WW International Inc (NASDAQ:WW) to “equal weight” from “overweight” this morning, with the analyst in coverage noting weight loss medications could negatively impact its core business in the long term. WW is down 5.3% in premarket trading, and down 84.9% so far in 2024.
Beverage name Boston Beer Company Inc (NYSE:SAM) missed both top- and bottom-line expectations for the second quarter. Shares are down 3.9% ahead of the bell and carry a more than 20% year-to-date deficit.
Coming up: The Federal Reserve's interest rate decision and more earnings.

Buzz 0726

European, Asian Stocks Rebound From Recent Selloff

Asian markets were mostly higher Friday, except for Japan’s Nikkei, which logged its eighth-straight daily loss. Tokyo’s headline inflation slowed to 2.2% in July from the previous month’s 2.3%, while its core inflation rate, which is watched closely by the Bank of Japan (BoJ), fell to 1.5% from 1.8%. Elsewhere, the South Korean Kospi rose 0.8%, while China’s Shanghai Composite and Hong Kong’s Hang Seng added 0.1%.

European bourses are also rebounding from the global selloff. London’s FTSE 100 and the French CAC 40 are both up 0.9% at last glance, while the German DAX rises 0.5%.

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