Benzinga Market Summary: June PCE At 2.5% YoY In Line With Expectations, 3M Rises On Earnings Report And EPS Outlook Raise, SEC Sues Andrew Left And Citron Over Short Sales
Portfolio Pulse from Benzinga Newsdesk
The June PCE inflation rate came in at 2.5% year-over-year, aligning with expectations. 3M (MMM) saw a rise in its stock price following a positive earnings report and an upward revision of its EPS outlook. The SEC has filed a lawsuit against Andrew Left and Citron Research over short sales.
July 26, 2024 | 1:58 pm
News sentiment analysis
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NEUTRAL IMPACT
The June PCE inflation rate at 2.5% year-over-year met expectations, which is likely to have a neutral impact on the SPY ETF.
The PCE inflation rate meeting expectations suggests stability in the economic outlook, which is likely to result in a neutral impact on the SPY ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
3M's stock price increased following a positive earnings report and an upward revision of its EPS outlook.
3M's positive earnings report and raised EPS outlook are likely to boost investor confidence, leading to a short-term increase in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100