© Reuters
Investing.com – U.S. stock futures fell slightly ahead of the market open on Friday (11th), after stronger-than-expected U.S. production-side inflation data.
The report showed that U.S. PPI rose to an annual rate of 0.8% from 0.25, higher than the expected 0.7%. The monthly rate rose to 0.3% from 0.0%, also higher than expected, and the largest increase since January 2023.
The core PPI also exceeded expectations. The core PPI annual rate remained at 2.4%, which was expected to drop to 2.3%; the monthly rate rose from -0.1% to 0.3%.
Although the US CPI announced yesterday was generally weaker than market expectations, the leading indicator of consumer inflation announced today, PPI, has increased the uncertainty of the outlook for consumer inflation.
After the release of the data, the decline expanded, and the decline was close to 100 points, or more than 0.2%.
The U.S. dollar index strengthened further, approaching its highest level since early July.
The price of gold dived, and spot gold was close to $1910.
Individual stocks before the market opens
News Corporation (NASDAQ: ) rose 1.67%. The group’s third-quarter profit beat expectations, thanks to a series of cost control measures and strong growth in paying users of financial professional data and information platforms.
UBS (NYSE: ) rose 4.8% after it said it no longer needed a 9 billion Swiss franc (about $10 billion) guarantee from the Swiss government. After a comprehensive assessment of Credit Suisse’s non-core assets, UBS believes that there is no need to continue to maintain these liquidity support measures.
Capri Holdings (NYSE: ) fell 0.2% after Wells Fargo downgraded Capri to underweight from overweight after Tapestry (NYSE: ) announced it would acquire Capri.
Healthcare provider Cano Health (NYSE: ) plunged 47% after the company announced it was cutting 18% of its workforce and said it had “significant questions about its ability to continue operating within a year.”
Flying car maker Archer Aviation (NYSE: ) soared 18% after the company reached a settlement with Boeing (NYSE: ) and will enter into a technical cooperation.
Electric-car maker Rivian Automotive (NASDAQ: ) rose 1.3 percent after Exane BNP Paribas upgraded Rivian to outperform from neutral. The move came after the company reported a smaller-than-expected second-quarter loss and raised its annual production guidance.
DigitalOcean (NYSE: ) rose 1.4 percent after Morgan Stanley upgraded the company to hold from underperform, with analysts saying the company’s current expectations appear to be achievable.
WeWork Inc (NYSE: ) surged 19 percent, extending yesterday’s 43 percent rally, though shares tumbled 38 percent earlier this week after the company announced doubts about its viability.
Satellite communications company Telesat Corp (NASDAQ: ) soared 44% after Telesat announced a $2.1 billion deal with Canadian space technology company MDA to develop low-orbit satellites for Telesat.
Tesla (NASDAQ: ) fell 1.12%. FAANMG fell slightly, down less than 1%.
Chinese stocksGeneral decline
China Internet ETF KraneShares CSI China Internet (NYSE: ) fell 3%.
Weilai Automobile (NYSE:)(HK:) fell 3.7%, Li Auto (NASDAQ:)(HK:) fell 3.7%, and Xiaopeng Motors (NYSE:)(HK:) fell 3.5%. Mavericks Electric (NASDAQ: NIU) fell 1.3%.
Bilibili (NASDAQ: ) (HK: ) fell 3.2%, iQiyi (NASDAQ: ) fell 2.7%, and Huya (NYSE: ) fell 3%.
Alibaba (NYSE: ) (HK: ) fell 2.5%, JD.com (NASDAQ: ) (HK: ) fell 3.5%, and Pinduoduo (NASDAQ: ) fell 3.4%.
Baidu (NASDAQ: ) (HK: ) fell 2.9%. NetEase (NASDAQ: ) (HK: ) fell 3%.
other markets
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Compiler: Liu Chuan
2023-08-11 13:08:47
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