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The stock market is poised for a mixed open on Thursday as investors eagerly await the latest Consumer Price Index data. Futures tied to the major indexes slipped, with the S&P 500 and Nasdaq futures down 0.1% and 0.2%, respectively. Economists polled by Dow Jones expect the CPI for September to show a 0.1% increase on a monthly basis and a 2.3% jump over the prior 12 months.
The Federal Reserve’s recent half-point rate cut decision has sparked debate among officials. While most supported the move, Governor Michelle Bowman dissented, marking the first time a governor has voted against an interest rate decision since 2005. This split highlights that future cuts may not be as aggressive as the central bank balances confidence in controlling inflation with labor market concerns.
In corporate news, Delta Air Lines issued optimistic fourth-quarter guidance, projecting adjusted earnings between $1.60 and $1.85 per share, up from $1.28 a year earlier. CEO Ed Bastian attributed this confidence to resilient travel demand and strong bookings for year-end holidays, despite anticipating a slight revenue hit associated with the U.S. presidential election.
Mixed market outlook as CPI looms
CVS Pharmacy has joined the legal battle over insulin costs, filing motions to dismiss a lawsuit accusing it and other companies of inflating prices to boost profits. The company argues that Federal Trade Commission commissioners have shown “serious bias” against pharmacy benefit managers through their public statements. As the market digests these developments, Hurricane Milton has made landfall in Florida as a Category 3 storm before weakening to a Category 1.
President Joe Biden emphasized the gravity of the situation, calling it “a matter of life and death” and advising millions of Floridians to evacuate. The administration has deployed thousands of federal personnel across the Southeast to aid in recovery efforts as tornadoes and heavy rain force closures of bridges and highways, complicating evacuation and relief efforts. Investors will be closely monitoring the CPI data release and its potential impact on the Federal Reserve’s future policy decisions.
The central bank’s next meeting in November will be crucial in determining the pace and magnitude of future rate cuts. As companies navigate the evolving economic landscape, the market remains sensitive to corporate earnings, regulatory challenges, and geopolitical events.
