Good morning and happy PCE day.
And it's the anticipation of the central bank's closely-watched inflation gauge, the personal consumption expenditures index, that has the market on edge. However there was some positivity from New York Fed President John Williams saying last night "there is no need for urgency," signaling he thinks the next rate increase can wait.
But be warned the PCE report will need some interpreting. Megan Leonhardt explains that the way the government is measuring several prices is changing so the big takeaway for the next inflation report will be less clear cut.
Micron, which posts earnings after the bell, was one of the biggest movers before the market opened along with Cal-Maine, which fell as much as 7.7%. Remember the high egg prices of last year? Well now they have fallen back down-and the egg producer's quarterly sales declined more than 40%.
Have a great day.
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📈 Here's what's happening in markets today:
Stock futures are little changed ahead of the PCE inflation report.
Boeing, GameStop, Robinhood, Micron, and more stocks that explain today's market.
Why today's inflation report could complicate the Fed's next move.
How Nvidia's big win at Trump's AI lunch will boost the stock.
Cal-Maine stock falls as earnings miss estimates and sales drop 42%.
Meta stock slides as Muse faces OpenAI threat.
The threat of Muse and Dots to Amazon are 'overstated.' Why the stock has 46% upside.
Hormel Foods expands further into proteins with $1.06 billion acquisition.
CoreWeave or Nebius? Here's how to play neocloud stocks.
Moderna stock has run too far, too fast. Why Citi just downgraded it to Sell.
🏦 What the surging 10-Year Treasury yield means for stocks
The spike in Treasury yields has more than a few on Wall Street on edge about what happens next. The benchmark 10-year yield is more than 50 basis points higher than where it started this month and more than 130 basis points higher since the Iran war started. Read what Wall Street says could happen next.
📉 Expectations ease for a Fed rate increase in October
The market's expectation for a quarter-percentage-point interest rate increase in October fell from 70.9% on Monday to 49.3% on Tuesday afternoon, according to the CME FedWatch tool. There's also less of an expectation for two increases by December. There are only two more policy meetings scheduled for this year. Read more here.
🤖 OpenAI's Altman introduces AI agent 'Dots' during DevDay
OpenAI's CEO Sam Altman introduced the AI developer's answer to Meta's Muse AI, rolling out "Dots," an AI agent that can work across a variety of apps including calendars and Slack, and can be interacted with directly through a browser-like interface in ChatGPT. Read more about it and the rest of DevDay here.
🕋 Why $9 trillion in planned data centers may never be built
July data from Cleanview, a power-project repository, showed roughly 509 gigawatts of new data-center capacity planned in the U.S.-almost nine times the amount in operation today. Of that 509 gigawatts, Columbia Business School's Stijn Van Nieuwerburgh's draft research estimates that 45% will never be built. Read about it here.
?? GE Vernova jumps to lead of those chasing nuclear rollout
GE Vernova has jumped to the head of the pack of companies chasing the new nuclear rollout. The Nuclear Regulatory Commission approved a construction permit for a new reactor by GE Vernova and Japan's Hitachi planned for a Tennessee site controlled by the Tennessee Valley Authority. It's just the second permit in more than a decade.
🏠 Long-dominant credit scoring firm could be losing its edge
FICO stock logged its worst daily percentage decline since 1989 on Tuesday after Federal Housing Finance Agency director Bill Pulte said mortgage pricing would be simplified and that the new structure will incorporate a direct competitor to Fair Isaac's FICO score, the latest sign that the company could be losing its dominance.
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MarketWatch's managing editor for advice Quentin Fottrell, also known as the Moneyist, answers a reader's question about buying an annuity while also receiving Social Security and working after retirement age. Read his response here.
💬 Quote of the day:
Other headlines moving markets:
Concentrix navigates costly shift toward AI-powered tools.
Oura shows how shaky the IPO market really is.
AI will create four times as many jobs as it will destroy, study says.
6 ways to protect your portfolio from AI concentration risk.
How the midterms could break the AI trade.
Fall fashion is looking preppy and cozy. 2 stocks that benefit.
Why Uranium Energy stock reversed course after earnings spike.
Consumer stocks are at a crossroads. TJX and 2 others to buy.
Carnival earnings show record revenue.
Warby Parker faces Meta glasses push. Why smart eyewear is booming.
Why Netflix stock just got an upgrade.
Fed's Musalem says central bank must explain policies or risk volatility.
What history says will happen if Micron's earnings stars align.
1 in 5 sellers cut home prices in September-the most since 2018.
Dividend stocks come under pressure. How to fight back.
Long-term Treasuries could be a good contrarian bet.
Many high-earning Americans live paycheck to paycheck, Goldman Sachs finds.
-Edited by Liz Moyer and Stacy Ozol
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