Dow Jones futures rose slightly Friday morning, as investors braced for more key inflation data — the personal consumption expenditure price index — heading into the final trading session of the quarter. Tesla stock nudged higher before the company’s AI Day, while Micron Technology and Nike were key earnings movers.
The Federal Reserve’s preferred measure of inflation is due out Friday morning at 8:30 a.m. ET, with the personal consumption expenditure price index expected to rise 0.2% for the month of August, with a year-over-year increase of 6.1%. Personal income is expected to rise 0.3% in August.
The PCE price index is one measure of U.S. inflation, tracking the change in prices of goods and services purchased by consumers throughout the economy.
Stock Market Today: Micron, Nike Earnings
Micron Technology (MU) and Nike (NKE) were key earnings reporters overnight.
Micron shares advanced 1% after the memory-chip giant missed Wall Street’s already lowered expectations for sales in its fiscal fourth quarter and guided much lower for the current quarter. It’s also slashing capital spending plans.
Nike stock plunged 101 after the Dow Jones stock just beat Wall Street expectations for its first-quarter earnings report. But gross margins fell as inventories jumped, while the Dow Jones athletic apparel giant said it would move aggressively to liquidate excess wares.
Electric-vehicle leader Tesla (TSLA) traded 0.3% higher Friday. Tech titans Apple (AAPL) and Microsoft (MSFT) were mixed ahead of today’s stock market open.
In the ongoing stock market weakness, DoubleVerify (DV), Hostess Brands (TWNK), Neurocrine Biosciences (NBIX), Toro (TTC), Vertex Pharmaceuticals (VRTX) and World Wrestling Entertainment (WWE) — as well as Dow Jones stock UnitedHealth (UNH) — are among the top stocks to watch. Keep in mind that the deepening stock market correction is a time for investors to sit on the sidelines and map out watchlists.
DoubleVerify and Vertex are IBD Leaderboard stocks. Hostess and Toro were featured in this week’s Stock Near A Buy…