Market Summary:
Market Summary:
- Stock Futures Rise
- Bond Yields Retreat Following CPI Release
- Core CPI Records Modest Consecutive Increases, the Smallest in Two Years
- US Weekly Jobless Claims Surpass Predictions, Climbing to 248,000
In the aftermath of the release of inflation data, stock futures demonstrated an upward trend while bond yields experienced a decline. This collective market movement is indicative of growing confidence that the Federal Reserve will opt to pause its interest-rate hike plans for September.
The latest figures from the Bureau of Labor Statistics revealed that the core consumer price index, which excludes the often-volatile costs of food and energy, exhibited a 0.2% increase for the second consecutive month. Notably, this marks the most restrained back-to-back gains witnessed in over a span of two years. Concurrently, weekly jobless claims saw a rise to 248,000, surpassing previous estimates.
Highlights from the Corporate Sphere:
Alibaba Group Holding Ltd. (BABA) witnessed gains as its revenue outperformed expectations. The resurgence of growth in its core e-commerce segment stands as a significant stride for this national icon, striving to reinvigorate its operations in a dynamic economic landscape.
The Walt Disney Co.(DIS) experienced an upswing following revelations by management that capital expenditures and outlays for both movie and TV show productions are tracking lower than initial projections.
Tapestry Inc. (TPR), the parent company of esteemed brands including Coach and Kate Spade, announced its acquisition of Capri Holdings Ltd., the parent company of Michael Kors. This substantial $8.5 billion deal underscores the ongoing wave of consolidation in the luxury goods sector, signifying that this trend is far from reaching its conclusion.
