Personal consumption expenditures (PCE) and its core reading came in line with expectations
After record closes across the board, futures on the major indexes are mixed this morning as oil prices rebound in the wake of U.S. strikes on Iran. Investors are also digesting fresh inflation data, with the personal consumption expenditures (PCE) price index rising 0.4% in April to an annual rate of 3.8%, while core prices rose 0.2% to 3.3%. Both readings are in line with analyst estimates and at their highest mark since 2023. Meanwhile, gross domestic product (GDP) data came in at 1.6%, lower than expectations of 2%.
Continue reading for more on today's market, including:
- How long will this stock market momentum last? With Schaeffer's Senior Quantitative Analyst Rocky White.
- A closer look at Costco stock before today's earnings report.
- Plus, three stocks surging after earnings this morning.
5 Things You Need to Know Today
- The Cboe Options Exchange saw more than 2.8 million call contracts and 1.2 million put contracts traded on Wednesday. The single-session equity put/call ratio fell to 0.43, while the 21-day moving average stayed at 0.59.
- Dollar Tree Inc (NASDAQ:DLTR) is up 12.7% premarket, after the discount retailer topped first-quarter earnings and revenue expectations and lifted its full-year forecast, with net sales rising 7.2%. Heading into today, DLTR is down 22% year to date.
- Best Buy Co Inc (NYSE:BBY) is also on the rise after a first-quarter beat and maintained its full-year forecast, last seen up 6.9% before the bell. The shares are fresh off seven-straight daily wins as they rebound from 52-week lows, and will break into positive territory for 2026, should these gains hold.
- Shares of Snowflake Inc (NYSE:SNOW) are up 37.4% in electronic trading, looking to erase its 20% year-to-date deficit, after the company upped its investment on Amazon Web Services (AWS), planning on spending $6 billion over the next five years. The cloud name also posted strong first-quarter results.
- Plenty of economic data is scheduled for this week.
Geopolitical Tensions Pressure Overseas Trading
Asian bourses mostly fell, after an overnight U.S. attack against Iran kept tensions high. Japan’s Nikkei stepped back from yesterday’s record run and shed 0.5%. Elsewhere, China’s Shanghai only tacked on 0.1%, while Hong Kong’s Hang Seng dropped 1.3%. South Korea’s Kospi gave back yesterday’s gains too, finishing 0.5% lower.
European markets are trading lower. Defense stocks bucked the broader weakness, however, after Ukraine’s parliament approved a 90-billion-euro ($104.6 billion) loan agreement with the European Union (EU). At last glance, London’s FTSE 100 lost 1.1%, while Germany’s DAX and France’s CAC are down 0.5%, respectively.