U.S. Stock Futures Rise After In-Line Key Inflation Data

The Department of Labor reported that the headline consumer price index (CPI) rose 0.1% in July, in contrast to a decline of 0.4% in June. However, the headline CPI print was in line with the Zacks Consensus Estimate. On the other hand, the headline CPI rose 3.4%, annually in July, down from the 3.5% annual rise in June. 

Core CPI (excluding volatile items like food and energy) rose 0.2% in July after remaining unchanged in June. Like CPI, the core CPI print was in line with the Zacks Consensus Estimate. Core CPI rose 2.5% annually in July, below the 2.6% annual rise in June.

The benign CPI and core CPI data for July may enable the Fed to stay away from hiking the benchmark interest rate in its upcoming September FOMC meeting. Fed officials will consider both the July and August inflation readings before meeting in September. Before today’s inflation data, the CME FedWatch tool has assigned a 50% probability for a September rate hike.

Earnings Results in Focus: AMCR, TRMB, PFGC

Amcor plc AMCR came up with adjusted quarterly earnings of $1.23 per share, beating the Zacks Consensus Estimate of $1.18 per share. This compares to earnings of $1 per share a year ago. The global packaging giant reported quarterly revenues of $6.4 billion, surpassing the Zacks Consensus Estimate by 6.06%. For a detailed analysis of AMCR’s earnings, click here.

Trimble Inc. TRMB posted adjusted quarterly earnings of $0.86 per share, beating the Zacks Consensus Estimate of $0.80 per share. This compares to earnings of $0.71 per share a year ago. The leading AI-powered technology solutions provider registered quarterly revenues of $972 million, surpassing the Zacks Consensus Estimate by 2.21%. For a detailed discussion on TRMB’s earnings, click here.

Performance Food Group Co. PFGC reported adjusted quarterly earnings of $1.59 per share, missing the Zacks Consensus Estimate of $1.62 per share. This compares to earnings of $1.55 per share a year ago. The retail bigwig of natural foods posted quarterly revenues of $18.03 billion, missing the Zacks Consensus Estimate by 1.02%. To get more information on PFGC earnings, click here.  

More Earnings News

In pre-market trade today, the stock prices of AI cloud infrastructure giant CoreWeave Inc. CRWV and AI-driven data center storage major Super Micro Computer Inc. SMCI jumped following their solid earnings results and guidance announced yesterday after market close. 

The AI infrastructure space remains rock-solid buoyed by an unprecedented massive capex undertaken by major hyperscalers. AI-powered networking bigwig Cisco Systems Inc. CSCO will declare quarterly financial results today after the closing bell. 

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This article originally published on Zacks Investment Research (zacks.com).

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