Stock market news today, 07/08/24 – Futures on the brink of decline ahead of inflation data

U.S. futures fell Monday morning as investors braced for key inflation data and earnings reports from major banks and consumer discretionary companies. Nasdaq 100 futures (NDX), S&P500 (SPX) and the Dow Jones Industrial Average (DJIA) were down about 0.13%, 0.15%, and 0.17%, respectively, as of 3:31 a.m. ET on July 8.

The tech-heavy Nasdaq 100 and the S&P 500 are up about 21% and 17% year-over-year, respectively, driven by investor optimism about artificial intelligence (AI) technologies. But economic data releases and upcoming corporate earnings could significantly affect market direction.

Moving on to this week’s economic reports, the June CPI report is set to be released on Thursday, July 11. This report is a key indicator of inflation and has a direct impact on the Federal Reserve’s interest rate decisions. Following the CPI report, the June Producer Price Index (PPI) will be released on Friday, July 12. The PPI is considered a reliable early indicator of inflation trends. Additionally, the June Michigan Consumer Sentiment Index and the University of Michigan 5-Year Inflation Expectations will be released on Friday.

In terms of profits, Manchester United (MANU), Delta Airlines (GAVE), PepsiCo (ENERGY), Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC), and others, will announce their results this week.

Meanwhile, the yield on the 10-year U.S. Treasury bond rose at the time of the report, hovering around 4.29%. At the same time, WTI crude futures prices were falling, hovering around $82.58 per barrel at last check.

Elsewhere, European indices will start the session lower as investors react to a surprise victory for the left-wing coalition in France, which could result in a hung parliament.

Asia-Pacific markets were in the red on Monday

Asia-Pacific indices fell on Monday as real wages in Japan fell for a 26th straight month. Japan’s Nikkei and Topix indices fell 0.32% and 0.57%, respectively.

Elsewhere, China’s Shanghai Composite and Shenzhen Component indices fell 0.93% and 1.54%, respectively. At the same time, Hong Kong’s Hang Seng Index fell 1.85%.

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