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Stock futures fall at higher-than-expected wholesale prices

Posted on by darion

Schaeffer

Investors are still analyzing yesterday’s tech rotation

The major banks are entering the earnings confessional today, unofficially kicking off another earnings season. Investors are also digesting the Producer Price Index (PPI) reading for June, which showed wholesale prices rising 0.2%, slightly more than the 0.1% gain expected.

Traders are also eagerly awaiting consumer sentiment data due later in the day, having analysed yesterday’s data. technical rotationAt last glance, Dow Jones Industrial Average (DJIA) futures are slightly above breakeven, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are slightly lower.

Read on to learn more about today’s market, including:

  • Semiconductor Stocks increases ahead of earnings report.
  • Analysts respond to Costco’s new information Membership Prices.
  • Additionally, Carvana enjoys a positive reputation and has two bank earnings reports to discuss.

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5 things you need to know today

  1. On the Cboe Options Exchange (CBOE), more than 1.9 million call contracts and 1.1 million put contracts were exchanged on Thursday. The single-day put/call equity rose to 0.61, while the 21-day moving average remained at 0.67.
  2. BTIG initiated coverage Carvana Co (NYSE: CVNA) with a “buy” rating, with the analyst in question noting that unique position compared to its sector peers. CVNA is 1.4% higher pre-opening and already boasts an impressive 145.4% lead for 2024.

  3. Wells Fargo & Co (NYSE:WFC) I missed the analysts net interest income second-quarter estimates after a 9% year-over-year decline. The bank’s shares were down 5.4% by the close but still have a 22.2% lead year-to-date.

  4. JPMorgan Chase & Co (NYSE:JPM) reported its second quarter profits and profit from revenuebut comments from CEO Jamie Dimon expressing concerns about inflation and interest rates are weighing on stocks. While JPM boasts a 40% year-over-year lead, it is flat in premarket trading.
  5. Lots of banks earnings and inflation data is due out this week.

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Japan’s Nikkei breaks record streak

Asian markets ended mixed on Friday. Japan’s Nikkei fell 2.5%, ending a run of record gains, while South Korea’s Kospi shed 1.2% and Hong Kong’s Hang Seng rose 2.6%. China’s Shanghai Composite rose 0.03% after the country’s exports beat expectations, rising 8.6% year-on-year in June, compared with economists expected an 8% increase.

European stocks are higher of late as investors turn their heads to inflation data from the United States. London’s FTSE 100 is up 0.3%, while France’s CAC 40 and Germany’s DAX are up 0.8% and 0.5%, respectively.