Outlook 07/11: Stock futures jumped after the new data showed the inflation rate fell to its lowest level in more than three years in June, bolstering the case for the Federal Reserve to cut rates later this year. The consumer price index fell 0.1% last month from May, bringing the annual inflation rate down to 3%. Economists surveyed by Dow Jones had expected a 0.1% monthly increase and a 3.1% annual rate. Core CPI, excluding food and energy, came in at a 3.3% annual rate, also lower than economists expected. With another good CPI print under their belt, the window is open for the Federal Reserve to cut interest rates as early as September, and potentially again in December, assuming the inflation data continues to cooperate.
/ESU24 (SEP2024): YVAH 5675 YPOC 5645 YVAL 5638 GAP 5684
/ES Plan: Yesterday market closed bullish, but overnight, after CPI, looks balanced, still moving above previous value, so these're the opening and initial balance options for today:
