Market Open: June 28, 2024
Stocks are mixed across the major indices in early action on this Friday as a favorite Fed indicator showed that inflation is slowing down. The personal Consumption expenditures Index, or PCE, released today by the Commerce Department, showed inflation slowing to its lowest annual rate in more than three years, raising hopes on Wall Street of interest rate cuts, possibly by the end of the year. As for individual stocks making moves at the opening bell, Nike is down big after reporting lower than expected sales this past quarter and dimming its outlook for the balance of the year. Nike says it's cutting production of lower selling classic sneakers and is waiting for potential gains from newer shoes and excitement from athletes including Caitlin Clark. Tractor Supply, the retailer known for selling goods focused on a rural lifestyle, is up marginally at the opening bell after announcing an end to its diversity programs and environmental efforts after an online backlash. The company says it's getting rid of all jobs focused on diversity, equity and inclusion and withdrawing its carbon emissions goals. And shares of Trump Media and Technology up more than 10% at the opening bell after last night's presidential debate. For CNBC Business News, I'm Dominic Chu.