Stock Market News Today 7/26/24 - Futures rise ahead of key inflation statistics

Highlights:On Friday morning, US futures rose ahead of the announcement of personal consumption expenditure (PCE), which is an inflation indicator that the US Federal Reserve (Fed) likes to use.

On Friday morning, US futures began to rise due to investors awaiting the announcement of personal consumption expenditure (PCE), which is an inflation indicator that the US Federal Reserve (Fed) likes to use.

Futures on the NASDAQ 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) have risen 0.55%, 0.45%, and 0.34%, respectively, as of 2:29 a.m. on 7/26 EST.

All three major indices closed in the negative zone yesterday. The Dow average fell 0.2%, the S&P 500 fell 0.5%, and the Nasdaq overall fell 0.9%, respectively. Furthermore, as investors continue to shift from megacap technology stocks and artificial intelligence stocks to small and medium enterprises, the benchmark index is about to end the week in the red.

In the main stock market news, Ford F -18.36% ▼ plummeted 18.4% in response to mixed financial results announcements. Also, since Edwards Life Sciences EW -31.34% ▼ revised its earnings forecast for the second quarter downward, it plummeted the most among the S&P 500 companies, and fell 31.3%. Meanwhile, Service Now +13.40% ▲ rose 13.4% in response to strong 2nd quarter financial results, and hit a record high.

After yesterday's gong, Deckers DECK -0.54% ▼ surged 10.5% due to strong quarterly financial results, but Dexcom DXCM -3.65% ▼ plummeted 37% due to disappointing full-year guidance.

Traders are currently keeping an eye on today's PCE data. According to expert forecasts, the headline inflation rate for June increased by 0.1%. Interestingly, this data point is critical in determining the trajectory of interest rate cuts this year, particularly when inflation exceeds current expectations. Meanwhile, the 5-year consumer inflation report will also be announced today.

According to the main financial results scheduled to be announced today, 3M MMM +0.14% ▲, Bristol-Myers Squibb BMY +1.37% ▲, Booz Allen BAH -0.33% ▼, and Colgate-Palmolive CL -0.11% ▼ are scheduled to announce quarterly results.

Meanwhile, US 10-year bond yields have declined at the time of writing this paper, and have remained around 4.25%. At the same time, WTI crude oil futures are trending upward, and at the time of the final check, they are hovering around $78.29 per barrel.

Other than that, the European market is expected to start off with a calm movement. Investors are preparing financial results for major companies and US PCE reports.

The Asia-Pacific market was mixed on Friday

While investors evaluated Japan's July inflation data and waited for the US to announce important inflation indicators, the Asia-Pacific region index showed mixed movements.

Hong Kong's Hang Seng Index rose 0.19% and China's Shenzhen Component Index rose 1.04%, respectively. However, China's Shanghai Composite Index fell 0.25%. Furthermore, Japan's Nikkei Average and TOPIX fell 0.6% and 0.4% respectively and closed.