[Platinum Insights] (7.12.23)

Good morning. 

U.S. stock index futures edged higher on Wednesday as investors were hopeful of a further decline in inflation which could temper the Federal Reserve’s hawkish stance on monetary policy. CPI data is expected to show consumer prices eased further to an over two-month low of 3.1% in June after a 4.0% rise in May, as per economists polled by Reuters. Core prices are seen slipping to 5% from 5.3% a month earlier. 

A jobs report last week hinted at a still-tight labor market. But traders took comfort in central bank policymakers’ comments that the Fed was nearing the end of its tightening cycle, and Wall Street closed the last two sessions higher. 

A “special rebalance” of the Nasdaq 100 index will take place later this month as exchange operator Nasdaq looks to reduce the concentration of heavyweight companies that account for nearly half of the index’s weight. Wells Fargo index strategists estimate Starbucks, Mondelez, Booking Holdings, Gilead Sciences, Intuitive Surgical, Analog Devices and Automatic Data Processing will see their weight increase in the Nasdaq 100 index.  

U.S. genetic testing company Illumina was hit with a record 432-million-euro ($476 million) EU antitrust fine on Wednesday for closing its takeover of Grail before securing EU antitrust approval. 

WTI crude futures rose above $75 per barrel. Gold climbed toward $1,940 an ounce while the yield on the US 10-year Treasury note fell below 4%. Follow the weekly Horizons stock list and < 200 stock list on the Platinum Channel.  

Have a great day!