The Dow futures up 55 pionts, U.S. market news July 13th

The Dow Futures contract was up 55 points, or 0.2%, by 06:50 ET (10:50 GMT), while the S&P 500 Futures were up 16 points, or 0.4%, and the Nasdaq 100 Futures were up 108 points, or 0.7%.

Today’s main U.S. market news-

1. PPI data boosts the Dow futures, while PepsiCo raises its FY outlook.
2. What’s moving markets: China trade data disappoints, U.S. PPI is expected to rise.
3. Dollar drops as inflation shock frightens bulls
4. Futures indicate further gains on Wall Street as inflation declines.
5. PepsiCo increases annual sales, predicts profits from pricing increases, and sees consistent demand
6. PepsiCo revenue and earnings both exceeded expectations by $0.13.
7. According to a report, Tesla plans to produce roughly 500,000 EVs in India per year.
8. Delta surpasses expectations with record quarterly earnings.
9. Small company distress index reaches a high for mid-2020.
10. Wall Street stocks increase following a report on low inflation
11. American markets closed the day higher, with the Dow Jones Industrial Average rising by 0.25%.
12. As the CPI news boosts optimism, Nasdaq drives Wall Street to a higher close.
13. Tesla is in discussions with India to build a facility with a 500,000 annual capacity, according to a report.
14. Disney gives CEO Iger a two-year term extension.
15. In order to compete with OpenAI, Elon Musk established the AI company xAI.
16. FTC to challenge the judge’s authorization for Microsoft to purchase Activision
17. Chinese hackers reportedly broke into the State, Commerce, and US departments.
18. Elon Musk believes that China is interested in a global framework for AI.
19. A lawsuit argues that Twitter owes its ex-employees $500 million in severance pay.
20. US consumer prices increase modestly, as the economy transitions to a disinflationary mode.
21. As US inflation slows, oil prices increase in the early going.
22. Dollar suffers as traders anticipate a peak in US interest rates.

GLOBAL NEWS 

1. Japanese stocks were up at the closing of trading; the Nikkei 225 was up 1.49%.
2. The S&P/ASX 200 index of Australian stocks increased by 1.56% at the close of trading.
3. European stocks are divided, as optimism is tempered by the U.K. economy’s weakness.
4. Asian stocks increase after weakened CPI data allays Fed concerns
5. Nifty reaches fresh highs, Sensex surpasses 66K, while Maharatna PSUs among the biggest losers.
6. As Fed rate confidence outweighs dismal China data, European shares increase.
7. After SUV sales plummeted, Mitsubishi’s China JV will reduce personnel costs.
8. UK economy contracts less than anticipated following strikes and the coronation
9. Australian banks claim that home loans are being padded by low unemployment.
10. Tokyo has a booming job market for fund managers because to rising stocks.
11. Tesla is in discussions with India to build a facility with a 500,000 annual capacity, according to a report.
12. Dollar drops to a 15-month low due to weak inflation as Asia FX surges.
13. As the economy struggles, China’s exports and imports drop through.
14.  June. Exports from China fell 12.4% in June while imports fell 6.8%.
15. Owners of McDonald’s China, Carlyle and Trustar, intend to exit for $4 billion – Bloomberg News
16. To construct the EV9 SUV in 2024, Kia will invest $200 million at a US factory.
17. The Bank of Korea maintains rates to maintain its stringent policy
18. Hopes that the Fed would soon stop raising interest rates push gold to a one-month high.
19. Indian Retail inflation breaks its downward trend in June, rising to 4.81%.
20. Asian markets are trading higher, with 1-2% gains on the Nikkei, Kospi, and Hang Seng

ECONOMIC DATA

•   June Consumer Price Index (CPI) headline M/M rose +0.2% vs. est. +0.3% (and prior +0.1%)
•      June CPI Headline Y/Y rises +3.0% vs. est. +3.1% (prior +4.0%).
•      Core CPI for June, ex: Food & Energy M/M rose +0.2% vs. est. +0.3% (prior +0.4%)
•      Core CPI for June Y/Y rose +4.8% vs. est. +5.0% (prior +5.3%)
•      Rent and housing costs continue to be a key driver of inflation, accounting for more than 70% of the rise in consumer prices during June, the Labor Department said.
•      Shelter costs were up a seasonally adjusted 0.4% over the month, a higher pace of increase than overall inflation, which was 0.2% in June.

GLOBAL ECONOMIC DATA

Chinese June Trade Balance; Chinese exports fell by 12.4% year over year compared to a -9.5% average, and imports fell by 6.8% year over year compared to a 4% expectation. China Customs Bureau: H1 exports increased by 3.7% y/y while imports decreased by 0.1% y/y. Although Chinese trade growth is under considerable pressure, the bureau is convinced that China may increase its market share of global trade by 2023.

The bull-bear spread decreased from 21.9 last week to 15.1 this week in the American Association of Individual Investors (AAII) weekly poll. Bears increase to 25.9% from 24.5%, Neutrals increase to 33.1% from 29.1%, while Bulls decrease to 41% from 46.4%.

Economic Calendar

•   
•   8:30 AM        Weekly Jobless Claims…est. 250K
•   8:30 AM     Continuing Claims…est. 1.723M
•   8:30 AM     Producer Price Index (PPI) Headline M/M for June…est. +0.2% (prior -0.35)
•   8:30 AM   Producer Price Index (PPI) Headline Y/Y for June…est. +0.4% (prior +1.1%)
•   8:30 AM     PPI Core Ex: Food & Energy M/M for June…est. +0.2% (prior +0.2%)
•   8:30 AM     PPI Core Ex: Food & Energy Y/Y for June…est. +2.6% (prior +2.8%)
•   10:30 AM   Weekly EIA Natural Gas Inventory Data
•   1:00 PM     US Treasury to sell $18B in 30-year notes.
•   2:00 PM     Federal Budget for June…est. (-$175B)

Other Key Events:

SEMICON West 2023, 7/11-7/13

Must read book about investing – check here