From Nasdaq: 2024-07-11 09:11:02

September S&P 500 E-Mini futures are up 0.16%, and Nasdaq 100 E-Mini futures are up 0.17% this morning on news of key inflation data and potential Fed rate cuts. The June consumer price index showed a 3% annual inflation rate, down from 3.3% in May, meeting economist forecasts. Wall Street closed in the green yesterday, with the S&P 500 reaching a new high over 5,600.

Federal Reserve Chair Jerome Powell testified that inflation is decreasing, but uncertainties remain regarding rate cuts. Markets are calm despite data overload this week, with U.S. rate futures pricing in a 68.1% chance of a 25 basis point cut in September. Today’s focus is on U.S. Initial Jobless Claims and earnings reports from PepsiCo and Delta Air Lines.

UK and German economic data released today showed mixed results, with U.K. GDP stronger than expected but industrial and manufacturing production weaker. In Asia, China’s markets rose after regulatory announcements, while Japan’s Nikkei closed higher, with machinery orders falling unexpectedly. Notable pre-market movers include Actelis Networks, WD-40, Costco, ON Semiconductor, and Microchip Technology. Thursday’s earnings spotlight features PepsiCo, Delta Air Lines, and others.



Read more at Nasdaq: Stocks Set to Open Higher as Tame CPI Clears Path for Powell Rate Cuts