Key PCE Inflation Data Due
Friday’s spotlight is on the Federal Reserve’s preferred inflation gauge, the PCE price index, which could impact market expectations of a rate cut in September. June’s PCE is expected to have risen 0.1% monthly, with an annual rate of 2.5%, close to the Fed’s 2% target. JPMorgan anticipates June’s core PCE inflation to show a 0.2% month-over-month increase, maintaining a year-over-year rate of 2.6%. A recent drop in the consumer price index supports expectations for a future rate cut, though next week’s Fed meeting might be too soon.
Futures Edge Higher; Weekly Losses Likely
U.S. stock futures are mixed Friday ahead of key inflation data, following a tech-driven selloff. The S&P 500 and Nasdaq closed lower Thursday, while the Dow Jones rose slightly. However, all three indices are set for weekly losses, with the S&P 500 down 1.9%, Nasdaq nearly 3.1%, and DJIA roughly 0.9%. Investors await June’s PCE report for more clues on a potential September rate cut. Friday’s earnings reports include Bristol Myers, 3M, and Colgate-Palmolive.
Apple Suffers Drop in Chinese Sales
Apple is facing increased competition in China, its third-largest market, leading to a 6.7% drop in shipments to 9.7 million units in Q2 2024. This decline has pushed Apple out of the top five smartphone vendors in China. Local Chinese brands, incorporating generative AI into their products, are gaining market share, reducing Apple’s share from 16% to 14% year-over-year.
Crude on Course for Negative Week
Crude prices stabilized Friday but are on track for a third consecutive week of decline due to weak demand in China. By 04:00 ET, U.S. crude futures were flat at $78.28 a barrel, with Brent slightly up at $82.39. Both benchmarks have fallen about 5% over the past three weeks. Data showing an 8.1% drop in China’s oil demand in June and slower-than-expected economic growth have contributed to this trend.
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