ETFs
7 Stocks and 5 ETFs Move Friday as Fed’s Preferred Inflation Rate Hits 3-Year Low
U.S. stock index futures rose slightly premarket Friday after the Fed’s preferred inflation gauge, personal consumption expenditures (PCE), fell to 2.6% year-over-year in May , as expected.
This is the lowest inflation rate since March 2021, reinforcing market expectations for upcoming Fed interest rate cuts.
After the PCE Price Index report, traders increased their bets on a September rate cut, assigning a 68% probability according to CME Group’s FedWatch tool.
Limiting the screener to stocks with a market cap greater than $50 billion, here are the top performers after the PCE Price Index report, according to Benzinga Pro.
| Southern Copper (NYSE: SCCO) | 1.64% |
| Intuit Inc. (NASDAQ:INTU) | 1.29% |
| Toronto-Dominion Bank (NYSE:TD) | 0.82% |
| Deere & Co. (NYSE:DE) | 0.76% |
| GE Aerospace (NYSE: GE) | 0.71% |
| Freeport-McMoRan Inc. (NYSE:FCX) | 0.61% |
| ServiceNow Inc. (NYSE:NOW) | 0.58% |
Exchange-traded funds (ETFs) rising following inflation data include:
- Global X ETF for copper miners (NYSE: COPX) up 1.6%
- iShares Russell 2000 ETF (NYSE: IWM) up 1%
- S&P SPDR ETF for Regional Banks (NYSE:KRE) up 0.9%
- THE Energy Select the SPDR Fund sector (NYSE:XLE) up 0.9%
- VanEck Gold Miners Exchange Traded Fund (NYSE:GDX) up 0.7%
Read next:
- Bank of America analyst highlights opacity of Fed stress tests and different impacts of banks: ‘Goldman Sachs is the worst hit, Huntington the best’
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