Fervent Wealth Management

Stocks Open Higher on High Profile Earnings, Soft PPI

At the Open: After hugging the flatline in early pre-market trading, S&P 500 futures traded slightly higher after Bureau of Labor Statistics data indicated wholesale inflation was cooler than expected in June. Contracts on the Nasdaq perked up a bit more after ASML’s beat and raise bolstered confidence in the artificial intelligence (AI) theme, lifting chipmakers. On the home front, Morgan Stanley (MS) joined its Wall Street competitors in posting strong trading profits, while shares of Blackrock (BLK) rallied on better-than-expected assets under management figures on strong quarterly inflows. Treasury yields were lower, again led by the short end of the curve following the wholesale inflation print.



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Stocks Open Mixed Amid Muted Pre-Market News Flow

At the Open: Major U.S. averages were mixed in pre-market Friday. News flow fell relatively quiet heading into the weekend with equity supply the main talking point ahead of SK Hynix’s $26.5 billion American Depositary Receipt (ADR) offering. Otherwise, focus surrounded some weakness in momentum shares after the theme advanced in back-to-back sessions while geopolitical risks remained on the front burner as talks for a permanent peace deal between Washington and Tehran reportedly continue. Treasury yields were narrowly mixed, leaving the 10-year yield near 4.54% and crude oil prices fluctuated.



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