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Stock Market News Today, 6/14/24 – Indices Finish Mixed; Inflation Expectations Rise
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Stock Market News Today, 6/14/24 – Indices Finish Mixed; Inflation Expectations Rise

Story Highlights

Consumers now expect inflation to be 3.1%, which was higher than the 3% expected by analysts.

Last Updated: 4:00 PM EST

Stock indices finished today’s trading session mixed. The S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) fell 0.04% and 0.15%, respectively. Meanwhile, the Nasdaq 100 (NDX) gained 0.42%. On Friday, the University of Michigan released its preliminary results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 3.1%, which was higher than the expected 3% and increased compared to the previous month.

Taking a look at consumer sentiment, results came in at 65.6, which was lower than the expected 72.1. This decreased compared to last month’s reading of 69.1. Consumer expectations also missed, as June saw a print of 67.6 versus the forecast of 70. This, too, was a decrease compared to last month’s result of 68.8.

First Published: 3:01 AM EST

U.S. futures are mixed on Friday morning after the S&P 500 (SPX) and Nasdaq Composite indices closed higher for the fourth straight trading session. Futures on the Nasdaq 100 (NDX) and the S&P 500 were up by 0.26% and 0.07%, respectively, at 2:33 a.m. EST, June 14, while the Dow Jones Industrial Average (DJIA) was down 0.03%.

Yesterday, the Dow Jones slipped 0.17%. However, the S&P 500 and Nasdaq Composite indices gained 0.23% and 0.34%, respectively. The upside came after May’s Producer Price Index report indicated an easing of inflationary pressures, thus boosting hope for interest rate cuts.

In other major news from yesterday, Tesla (TSLA) stock gained about 3% in the regular trading session after its shareholders re-approved CEO Elon Musk’s $56B pay package. Further, shares of Broadcom (AVGO) jumped 12.3% on a 10-for-1 stock split. Additionally, Adobe (ADBE) stock soared 14.8% in the extended trading session yesterday following the release of better-than-expected Q2 results.

Moving to key economic reports due today, the preliminary Consumer Sentiment Index reading for June will be released by the University of Michigan.

Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.26%. At the same time, WTI crude oil futures trended lower, hovering near $78.1 per barrel as of the last check.

Elsewhere, European markets are expected to open higher today as investors continue to evaluate the cooler-than-expected U.S. inflation report.

Asia-Pacific Markets Traded Higher on Friday

Most of the Asia-Pacific indices were trading in the green today after the Bank of Japan kept its benchmark interest rate unchanged.

At the time of writing, Japan’s Nikkei and Topix indices were up by 0.24% and 0.54%, respectively. Similarly, China’s Shanghai Composite and Shenzhen Component indices gained 0.04% and 0.38%, respectively. However, Hong Kong’s Hang Seng index was down 0.6%.

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