CPI Report Today: Futures Gain After Inflation Slows More Than Expected
Stock futures were gaining, and Treasurys rallied, after the latest reading on inflation showed price pressures cooled more than expected last month.Juneâs consumer-price index rose 3% from a year ago, less than the 3.1% increase economists expected. Core prices, which exclude volatile food and energy costs, rose 3.3%. Economists had forecast the figure would hold steady at 3.4%.The inflation data come after Fed Chair Jerome Powell this week laid the groundwork for rate cuts in his congressional testimony, saying that a cooling labor market means a potential source of inflationary pressure has diminished.On the earnings front, shares of PepsiCo and Delta Air Lines both fell premarket after the companies reported their results. On Friday, JPMorgan Chase, Citigroup and Wells Fargo will kick off bank earnings.In recent market action:Futures tied to the S&P 500, Dow industrials and Nasdaq-100, which were slightly negative before the report, were all in positive territory after the CPI data.Treasury yields fell after the inflation report. Benchmark 10-year yields traded below 4.2%, after settling Wednesday at 4.28%.Global stocks were buoyant. The Stoxx Europe 600 rose, as did Japanâs Nikkei 225. Hong Kongâs Hang Seng Index climbed 2% and mainland
