June's PCE price index reading will likely influence the Fed's next moves
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:
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.
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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.
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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.
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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.
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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%.