Inflation Data Takes Center Stage as Stock Futures Climb

Stock futures are higher this morning, led by futures on the Nasdaq-100 Index (NDX), as investors eye inflation data. On an annual basis, the Federal Reserve's preferred inflation gauge, the core personal consumption expenditures (PCE) price index, came in line with estimates at 2.6% year-over-year, compared to April's 2.8% -- its lowest rate since March 2021. For the month of May, the core index rose just 0.1% for its smallest increase in seven months. Meanwhile, consumer spending rose 0.2% in May, while personal incomes increased by 0.5%. 

Continue reading for more on today's market, including: 

• Amazon.com generates headlines amid record highs. 
• 3 retail stocks to consider. 
• Plus, NKE plummets on forecast; DJT surges after debate; and SAP upgraded. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 1.1 million put contracts exchanged on Thursday. The single-session equity put/call rose to 0.76, while the 21-day moving average remained at 0.67.
2. Nike Inc (NYSE:NKE) is down 15.2% premarket, looking to add to its 13.2% year-to-date deficit, after the retailer forecasted a surprise fall in yearly revenue. A flood of analysts slashed their price targets, while Morgan Stanley slashed its rating to "equal weight" from "overweight." 
3. Trump Media & Technology Group Corp (NASDAQ:DJT) is up 8% following last night's presidential debate between former president Donald Trump and President Joe Biden. Year to date, the equity is up 109.9%. 
4. BMO Capital Markets upgraded SAP SE (NYSE:SAP) to "outperform" with a price-target hike to $237 from $218, citing "high visibility" into bookings and revenue. SAP is up 0.9% in electronic trading, looking to possible extend last session's record highs. 
5. Plenty of economic data due out July 4th week. 

Economic Data Floods Overseas Markets

Asian markets finished Friday in the black, following a flood of economic data out of Japan. Specifically, Tokyo’s headline inflation rose to 2.3% this month, while the core inflation rate accelerated to 2.1%. Additionally, industrial production rose 2.8% over the last month and 0.3% in the last 12 months, while the yen fell to 38-year lows after Masato Kanda replaced Atsushi Mimura as the top currency diplomat. In response, Japan’s Nikkei jumped 0.6%, while China’s Shanghai Composite tacked on 0.7%. South Korea’s Kospi added 0.5% after posting a 0.2% drop for May’s retail sales data, and Hong Kong’s Hang Seng eked out a 0.01% gain.

Inflation data is in focus across the pond, scattering Europe’s major bourses this afternoon. In France, inflation slowed slightly, with consumer prices falling to 2.5% this month from 2.6% in May. At last check, London’s FTSE 100 and Germany’s DAX are both up 0.3%, while France’s CAC 40 is 0.7% lower.