Dow Jones futures rose on Monday morning as investors prepared for another week of inflation data. Warren Buffett’s Berkshire Hathaway also experienced a rally after reporting its second-quarter results over the weekend.
Investors are eagerly awaiting Thursday’s consumer price index (CPI) for July, which is expected to provide the Federal Reserve with another month of benign data. Forecasts predict that both the overall CPI and core prices will rise by 0.2%. The CPI inflation rate is expected to increase to 3.2% from 3%, while core CPI inflation should dip slightly to 4.7% from 4.8%.
Early Monday, Berkshire Hathaway, Freshpet, and Tyson Foods were prominent movers in terms of earnings. Berkshire Hathaway saw a rally of over 1% after its operating earnings rose from $9.3 billion to over $10 billion compared to the previous year. Freshpet shares declined by more than 2%, while Tyson stock tumbled 5%.
Later in the day, Lucid Group, Palantir Technologies, Shockwave Medical, and Skyworks Solutions are scheduled to release their earnings.
In terms of other stocks, electric-vehicle giant Tesla experienced a 0.4% increase, while tech giants Apple and Microsoft were mildly higher ahead of the stock market open. Other noteworthy stocks included Alphabet and Meta Platforms, which saw increases of 0.6% and 0.8% respectively.
Boeing, Intel, and Salesforce were considered some of the best stocks to watch in the struggling stock market rally. Boeing saw a rise of 0.3% after breaking out last week, while Intel held close to a buy point of 37.19. Salesforce continued to struggle after its recent breakout, while Broadcom, MercadoLibre, Skechers, and Interactive Brokers also had varying stock market performances.
The Dow Jones Industrial Average closed down 0.4% on Friday, with Apple being the key loser as it fell 4.8%. The Nasdaq composite fell 0.4%, and the S&P 500 struggled more with a 0.5% decrease. Despite these losses, the S&P remains up around 17% for the year.
As the stock market pulls back from this year’s highs, it is important for investors to stay informed and keep track of any sell signals or breaches of moving averages.
In terms of Dow Jones leaders, Apple stock fell below its 50-day line, while Microsoft shares remained below their 50-day line, indicating the need for more time to consolidate before new buy points emerge.
Overall, market analysts emphasize the importance of staying updated on the latest stock market developments and being cautious when making investment decisions.