CPI Preview: Will Weak Inflation Data Provide Further Relief To Markets?
Portfolio Pulse from Piero Cingari
The U.S. consumer price index (CPI) inflation report for June is set to be released on Wednesday. Economists anticipate the annual U.S. headline inflation rate to drop from 4% to 3.1%, marking the 12th consecutive month of declines. The core CPI is expected to decline from 5.3% to 5%. The market remains uncertain about the possibility of two rate hikes this year. Previous CPI readings have impacted various stocks and ETFs.
July 10, 2023 | 1:36 pm
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NEGATIVE IMPACT
JD.com, Inc. (JD) fell 7.7% on the day of the March inflation report.
JD.com's stock price reacted negatively to the March inflation report. If the upcoming CPI report is higher than expected, it could potentially negatively impact the stock's performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The QQQ Invesco Trust (QQQ) was down 0.9% on the day of the March inflation report.
The QQQ ETF, which tracks the Nasdaq 100, is likely to be impacted by the upcoming CPI report as it was in the past. A lower than expected inflation rate could lead to a positive market reaction.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) lost 0.4% on the day of the March inflation report.
The SPY ETF, which tracks the S&P 500, is likely to be impacted by the upcoming CPI report as it was in the past. A lower than expected inflation rate could lead to a positive market reaction.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Tesla Inc. (TSLA) led losses, down 3.4%, on the day of the March inflation report.
Tesla's stock price reacted negatively to the March inflation report. If the upcoming CPI report is higher than expected, it could potentially negatively impact the stock's performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Novo Nordisk A/S (NVO) was the best-performing stock among large caps, up 3.3%, on the day of the March inflation report.
Novo Nordisk's stock price reacted positively to the March inflation report. If the upcoming CPI report is lower than expected, it could potentially boost the stock's performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80