Nearly two-thirds of the 1.4% June drop in PPI final demand goods was due to gasoline, which dropped 12.0%
60%+ of the advance in PPI final demand services is due to margins for final demand trade services, which moved up 0.4%.
Premarket movers
Mag 7stocks are mostly higher (Apple +0.6%, Amazon +0.3%, Microsoft +0.3%, Tesla +0.2%, Meta Platforms +0.2%, Alphabet -0.5%, Nvidia -0.2%)
ASML Holding NV ADRs (ASML) gain 3% after the company lifted its annual sales forecast for the second time this year and laid out plans to increase production as a surge in artificial intelligence spending drives demand for the Dutch company’s chip-making machines.
BlackRock (BLK) gains 4% after pulling in $192 billion of net client cash in the second quarter, with investors pouring money into exchange-traded funds and pushing total assets above $15 trillion for the first time.
Elevance Health (ELV) falls 7% after boosting its profit guidance by less than Wall Street had hoped, as the company grapples with recent federal policy changes that have made healthcare more expensive. Peer health insurers are also lower, with Humana (HUM) down 1.6% and Centene (CNC) falling 4%.
Lionsgate Studios (LION) climbs 7% after Reuters reported that the company is exploring a sale and has attracted takeover interest from Bollore Group. Reuters cited three unidentified people familiar with the matter.
PayPal (PYPL) jumps 20% after Reuters reported Stripe and private equity company Advent International have made a joint offer to buy PayPal for $60.50 per share, valuing the payments firm at more than $53 billion.
Pentair (PNR) tumbles 22% after the water treatment company cut its adjusted earnings per share guidance for the full year. The company also said it appointed Robert Fishman as interim CFO after Nicholas Brazis resigned on July 10 to pursue another opportunity at a private company.
Phoenix Education (PXED) drops 10% after the online education company trimmed its net revenue guidance for the full year.
SK Hynix ADRs (SKHY) fall 6%.
SpaceX (SPCX) is up 0.7% after closing on Tuesday just $1 above the IPO price.
(Source BBG)
[Just had the coziest family Sunday—pancakes everywhere, silly dance breaks on the living room floor, and zero distractions. This is the kind of small, warm stuff that sticks forever ],
Spent this Saturday volunteering at the community food bank—got to distribute hot meals to 80+ elderly neighbors, made new friends, and left my heart fuller than ever. Small acts of kindness go a long way!