Stock futures gained some momentum after the PPI data came out
Futures on the Nasdaq-100 Index (NDX), Dow Jones Industrial Average (DJIA), and S&P 500 Index (SPX) are all inching higher before the bell. There's momentum brewing on Wall Street this morning after the the producer price index (PPI) showed wholesale prices rise 0.1%, less than expected. This adds a little more certainty to what the majority expect to be an interest rate cut next month. All eyes now turn to the consumer price index (CPI) reading for July due out tomorrow, and retail sales data due out Friday.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 858,055 put contracts exchanged on Monday. The single-session equity put/call rose to 0.68, while the 21-day moving average remained at 0.66.
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Shares of beverage chain
Starbucks Corp (NASDAQ:SBUX) are back in focus again this morning, surging 10.8% before the bell after announcing Chipotle (CMG) CEO Brian Niccol is replacing current CEO Laxman Narasimhan. Today's surge builds off
yesterday's 2.6% pop, with SBUX now moving into the black for August.
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Home Depot Inc (NYSE:HD) is off 1.5% in premarket trading, after the company posted fiscal second-quarter results that beat analyst expectations, but disappointed with its full-year sales outlook. The
home supply store credited an increased uncertainty in the economy was driving consumers toward at-home projects. Today's drop will push the shares even further into the red year-to-date.
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Tencent Music Entertainment Group (NYSE:TME) is down 8.7% in electronic trading, after the music giant shared a disappointing 1.7% yearly revenue drop. Although TME remains 45% higher in 2024, the share shave struggled to recover any of its
recent losses, since TME breached its formerly supportive 50-day moving average in late July.
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Asian Markets Pop on PPI Data
Asian markets settled higher across the board on Tuesday. Japan’s Nikkei paced the gainers with a 3.5% pop after the country’s producer price index (PPI) for July rose 3% year over year. Elsewhere, Hong Kong’s Hang Seng and China’s Shanghai Composite added 0.4% and 0.3%, respectively, while South Korea’s Kospi rose 0.1%.
European markets are lower as investors unpack U.K. wage growth, which increased at its slowest pace in two years, while the unemployment rate saw a surprise 4.4% drop. France’s CAC 40 was last seen down 0.3%, while London’s FTSE 100 and the German DAX are both 0.1% lower.