Stock Futures Modestly Higher After More Inflation Data

PPI data came in line with Wall Street's expectations

Laura McCandless

Deputy Editor

Sep 12, 2024 at 9:09 AM

Stock futures are tentatively higher this morning, following the release of August's producer price index (PPI) data. Wholesale prices rose 0.2% last month, which was in line with expectations, and the easing inflation numbers has Wall Street once again hopeful for an interest rate cut this month. Meanwhile, jobless claims came in at 230,000 for last week, though layoffs remain low.

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

Check out this week's picks for Schaeffer's Cheap Seats.
Why Petco Health & Wellness stock soared yesterday.
Plus, Moderna cuts costs; USB's dividend hike; and a retail stock in the red.

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw over 1.2 million call contracts and exactly 749,000 put contracts exchanged on Wednesday. The single-session equity put/call ratio fell to 0.60 and the 21-day moving average remained at 0.65.
Moderna Inc (NASDAQ:MRNA) stock is down 10.7% premarket, after the biotech giant announced a plan to cut expenses by $1.1 billion by 2027, slashing its research budget by about 20%. The company also teased the launch of 10 new products before then. Should these losses hold, MRNA will hit fresh 2024 lows. Year to date, the equity is down 20% heading into today.
U.S. Bancorp (NYSE:USB) stock is up 0.6% before the bell, after the bank announced a dividend hike and $5 billion stock buyback plan ahead of its first investor day in five years today. Since the start of the year, USB is up 3.4%.
Shares of Oxford Industries Inc (NYSE:OXM) are down 10.6% in electronic trading, after the Tommy Bahama parent missed second-quarter earnings and revenue expectations. Headed for three-year lows, the stock is looking to add a hefty amount to its 16.3% year-to-date deficit.
What's out this week aside from inflation data.

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ECB Slashes Interest Rates

Stocks in Asia moved mostly higher today, with investors unpacking lower-than-expected producer price index (PPI) data out of Japan, which saw a 2.5% rise year-over-year in August. Chip stocks also scored notable gains, and eyes were on Hong Kong’s impending PPI data. For the session, Japan’s Nikkei surged 3.4%, Hong Kong’s Hang Seng added 0.8%, South Korea’s Kospi rose 2.3%, and China’s Shanghai Composite was the only loser with a 0.2% dip.

Across the pond, traders took in the expected interest rate cut from the European Central Bank (ECB), which marked the second deposit rate reduction in 2024. Focus also remained on this week’s inflation data out of the U.S. At last check, London’s FTSE 100 and France’s CAC 40 are both up 1%, while Germany’s DAX is enjoying a 1.3% lead of its own.

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