"Futures are fighting to go green this morning. At the moment, the S&P 500 is down about 0.18%, or by 12 points. The SPDR S&P 500 ETF ( SPY) is up fractionally. The Dow is down about 0.13%, or by 77 points. The Nasdaq is down 0.33%, or by about 80 points. All after the release of the consumer price index, which showed a slower annual rate of inflation than expected."
"The consumer price index (CPI) for January was up 2.4% year over year. If we exclude food and energy, core CPI was up 2.5%. Economists were looking for an annual rate of 2.5% for both readings. That better-than-expected CPI news also boosted the outlook for Federal Reserve interest rate cuts. In fact, the odds for a cut in June are about 83%, according to the CME Group's FedWatch tool."
"Shares of Applied Materials ( NASDAQ: AMAT) are up by 11%, or by $36 a share. All after the company posted solid earnings, and really impressed analysts with its guidance. EPS of $2.38 beat by 17 cents. Revenue of $7.01 billion, down 2.2% year over year, beat by $130 million. Moving forward, the company expects revenue to be between $7.15 billion and $8.15 billion, which is above expectations for $7.01 billion."
U.S. equity futures attempted gains while major indexes showed modest declines after January inflation data. Headline CPI rose 2.4% year-over-year and core CPI (excluding food and energy) rose 2.5%, slightly better than economists' 2.5% expectations. The improved inflation readings lifted market-implied odds of a June Federal Reserve rate cut to about 83% per CME FedWatch. Applied Materials shares jumped roughly 11% after EPS of $2.38 beat estimates and revenue of $7.01 billion topped forecasts; the company guided revenue between $7.15 billion and $8.15 billion and higher adjusted EPS, prompting bullish analyst reactions.
Read at 24/7 Wall St.
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