Stocks rise as US price pressures ease, Fed hints at rate cuts

From Nasdaq: 2024-06-28 11:36:05

Stock indexes are up today, with the S&P 500 and Nasdaq 100 hitting 1-week highs on easing US price pressures. May core PCE deflator eased to +2.6% y/y from +2.8% y/y. Fed hints at rate cuts. Q1 earnings expected to climb +7.1% y/y, with 81% of S&P 500 companies beating estimates.

Interest rates show signs of cooling US price pressures, with T-notes up on the slowest core PCE price increase in 3 years. T-note yields are lower at 4.261%. European government bond yields decline. 10-year German bund yield down. German Jun unemployment rate rises.

Stock movers today include United Rentals, Humana, and UnitedHealth Group climbing; Tesla up after electric vehicle growth; Trump Media & Technology surging on debate poll. Estee Lauder down on L’Oreal forecast. Nike, Lululemon Athletica, and others down on revenue miss and forecast.

Other decliners include Travelers Cos, Rocket Pharmaceuticals, and Kura Sushi USA falling on various news. Xerox Holdings and Hartford Financial Services Group also down on analyst ratings change. Earnings reports for DZS Inc, Inhibrx Biosciences Inc, and NET Lease Office Properties today.



Read more at Nasdaq: Stocks Climb as the Fed’s Favored Inflation Gauge Falls