Spirit Airlines wins, Fastenal falls and the stock market is flat
Stocks look poised for a stable open after the latest economic data showed higher than expected inflation and disappointing retail sales.
Futures contracts on
Dow Jones Industrial Average
increased by less than 0.1%, and
futures contracts were also little changed.
Retail sales in May were down 1.3% from the previous month, worse than the expected drop of 0.8%. The producer price index rose 0.8% month over month in May, above expectations of 0.6%.
Before the data, Tom Essaye, founder of Sevens Report Research, wrote that “markets will want to see strong numbers but nothing so hot that it means the economy is starting to overheat.”
The hot inflation figure precedes the Federal Reserve’s comments on Wednesday. Investors are investigating whether the Fed will mention the start of a phase-down program, or a program that sees the central bank shrinking the size of its bond purchases, which would increase yields, a negative point for stock valuations .
Here are five stocks making moves in Tuesday’s pre-market action:
(ticker: OLN) the stock gained 2% after being upgraded to Buy from Neutral at UBS.
(SAVE) share rose 2.7% after upgrading to Buy from Neutral at Citigroup.
(WELL) the stock gained 1% after being upgraded to Market Perform’s Strong Buy at Raymond James.
(FAST) stock fell 2% after being demoted to Equal Weight Underweight at Morgan Stanley.
Principal Financial Group
The stock (PFG) fell 0.75% after being downgraded to Neutral from Overweight at Piper Sandler.
Write to Jacob Sonenshine at [email protected]