Stock futures are inching lower after the CPI data release
Futures on the Nasdaq-100 Index (NDX), Dow Jones Industrial Average (DJIA), and S&P 500 Index (SPX) are modestly lower this morning, as Wall Street digests today's consumer price index (CPI) reading. Prices were in line with expectations, rising 0.2% for July on the heels of increasing housing costs. Meanwhile, the annual CPI reading of 3.2% is at its lowest rate since March 2021. Focus is also on earnings season, which has ushered in several blue-chip names this week.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 1 million put contracts exchanged on Tuesday. The single-session equity put/call fell to 0.67, while the 21-day moving average remained at 0.66.
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Shares of
EQT Corp (NYSE:EQT) is up 1% before the bell, after
landing an upgrade at Wells Fargo to "overweight" from "equal weight" and hiked its price target to $42 from $40. The firm cited the company's recent earnings and M&A. EQT has been struggling in 2024, now off 19% year-to-date.
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Illumina Inc (NASDAQ:ILMN) is enjoying a 0.9% lead pre-market, after TD Cowen upgraded the equity to "buy" from "hold." The analyst said management changes and the
company's guidance reset look like ideal catalysts for improvement. Now off 11% for 2024, today's gains will aid recovery in the stock's Tuesday pullback below $110.
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Surging 6% to trade at $108.70 before the open,
Cardinal Health (NYSE:CAH) is enjoying a post-earnings pop, one in which is beat fiscal Q4 expectations and raised its full-year guidance. Today's jump will aid the stock in a
potential breakout above the pressuring 200-day moving average.
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Economic Data Steers Stock Performance Abroad
Asian markets were mixed on Wednesday, after Japan’s Prime Minister Fumio Kishida announced plans to step down in September and promised to support the new Liberal Democratic Party leader. Japan’s Nikkei added 0.6% despite a new survey showing declining business confidence among manufacturers, while South Korea’s Kospi rose 0.9% after the country’s unemployment rate fell to its lowest level since October 2023. Elsewhere, Hong Kong’s Hang Seng and China’s Shanghai Composite dropped 0.4% and 0.6%, respectively.
European markets are firmly higher as investors unpack inflation data out of the U.S. and the U.K. The German DAX and London’s FTSE 100 were last seen 0.4% higher, while France’s CAC 40 is up 0.3%.