Stock futures are ticking higher this morning as investors absorb mixed inflation signals and await fresh earnings. Yesterday’s June CPI showed headline inflation at 2.7% and core CPI close to but just under 3%, suggesting tariffs may be elevating prices, pushing the 10‑year Treasury yield back above 5% and reducing market optimism over imminent rate cuts.
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Bank earnings remain in focus and chip‑equipment stocks slid after ASML (ASML) warned of 2026 growth risks amid rising tariff concerns, denting tech sentiment despite Nvidia (NVDA) and AMD (AMD) rallying on renewed China chip export hopes.
Commodities are mixed as gold saw support from inflation data, oil softened slightly, and Bitcoin remains resilient near $118,000 following progress toward legalizing U.S. stablecoins under the proposed GENIUS Act.
Investor caution is rising. A Bank of America survey flagged record-low cash levels and crowded tech‑long bets, signaling growing vulnerability to corrections in a late‑cycle environment.
Markets are now awaiting this morning’s PPI and retail‑sales data for further clarity on inflation trends and consumer strength. The path of yields and rate‑cut pricing could shift sharply depending on those readings.
In pre-market trading, S&P 500 futures rose 0.06%, Nasdaq futures fell 0.51% and Dow futures rose 0.36%
Check out this morning’s top movers from around Wall Street, compiled by The Fly. Also, subscribe to the daily Fly By on YouTube if you want to know how the markets will open, which stocks will be moving and why.
HIGHER –
- Diageo up 2% after the Financial Times reported CEO Debra Crew has stepped down with immediate effect
UP AFTER EARNINGS –
- PNC Financial (PNC) up 2%
- Johnson & Johnson (JNJ) up 2%
- M&T Bank (MTB) up 2%
- Commerce Bancshares (CBSH) up 1%
- Bank of America (BAC) up 1%
- Goldman Sachs (GS) up 1%
- Progressive (PGR) up 5%
- First Horizon (FHN) up 2%
DOWN AFTER EARNINGS –
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