Index futures slightly lower after big inflation report

Stock futures fall after CPI data release

Futures for the Nasdaq-100 Index (NDX), Dow Jones Industrial Average (DJIA), and S&P 500 Index (SPX) are all slightly lower this morning as Wall Street looks at today’s Consumer Price Index (CPI) reading. Prices were in line with expectations, rising 0.2% in July on rising housing costs. Meanwhile, the annual CPI reading of 3.2% is the lowest since March 2021. Attention is also turning to earnings season, which has ushered in several blue chip names this week.

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

5 things you need to know today

More than 1.5 million call contracts and 1 million put contracts were exchanged on the Cboe Options Exchange (CBOE) Tuesday. Single-day put/call equity fell to 0.67, while the 21-day moving average remained at 0.66.
Shares EQT Corp (NYSE:EQT) increased by 1% before the close of the session, after landing upgrades at Wells Fargo to “overweight” from “equal weight” and raised its price target to $42 from $40. The firm cited the company’s recent earnings and mergers and acquisitions. EQT is struggling in 2024, now down 19% year to date.

Illumina Inc (NASDAQ:ILMN) is enjoying a 0.9% advantage in early trading after TD Cowen raised the stock from “hold” to “buy.” The analyst said changes in management and reset company guidelines look like perfect catalysts for a recovery. Now up 11% for 2024, today’s gains will help propel shares back on Tuesday, dropping below $110.

Up 6% to $108.70 before the open, Cardinal Health (NYSE:CAH) is riding high on earnings results in which it beat fiscal fourth-quarter expectations and raised its full-year guidance. Today’s jump will help the stock potential breakout above the pressure-bearing 200-day moving average.

Economic data affects stock market results abroad

Asian markets were mixed on Wednesday after Japanese Prime Minister Fumio Kishida announced plans to step down in September and pledged support for the new leader of the Liberal Democratic Party. Japan’s Nikkei rose 0.6% despite a new survey showing falling business confidence among manufacturers, while South Korea’s Kospi rose 0.9% after the country’s unemployment rate fell to its lowest level since October 2023. Elsewhere, Hong Kong’s Hang Seng and China’s Shanghai Composite fell 0.4% and 0.6%, respectively.

European markets are clearly rising as investors analyze inflation data from the U.S. and U.K. Germany’s DAX and London’s FTSE 100 were last up 0.4%, while France’s CAC 40 was up 0.3%.