July 12, 2023

Markets:

U.S. stock futures were slightly higher Wednesday morning as investors looked toward the first potentially pivotal inflation report slated for release this week.

Investors are eyeing the June consumer price index reading due before the bell Wednesday. Economists polled by Dow Jones anticipate the closely followed inflation indicator will rise 0.3% from May and 3.1% on an annualized basis. Excluding volatile food and energy prices, the so-called core CPI is forecasted to increase 0.3% on the month and 5% on the year.

June data for the producer price index — another well-watched gauge of inflation — is due Thursday before the bell. Both price indexes are being watched for tea leaves on the path of inflation, which investors see as potential harbingers for how the Federal Reserve will move interest rates going forward. The market is pricing in an approximately 92% chance the Fed raises interest rates at the July meeting, according to CME’s FedWatch Tool.

Elsewhere, investors will monitor comments from central bank officials including Richmond Fed President Tom Barkin, Minneapolis Fed President Neel Kashkari, Atlanta Fed President Raphael Bostic and Cleveland Fed President Loretta Mester throughout Wednesday for any insights into the state of U.S. economic policy.

U.S. Treasury yields fell on Wednesday as investors awaited consumer price index data, which could influence the path for Federal Reserve interest rate policy, and remarks from central bank officials.

Portfolio:

We enter the new trading ay holding positions in UPST, NIO, S, and EXEL.  Work your targets on DKNG as it should trigger.  Be ready for new trade alerts as well as queue continues to ignite.  Let's have a wonderful trading session.