7 Stocks, 5 ETFs Move On Friday As Fed's Preferred Inflation Rate Hits 3-Year Low

Author: Piero Cingari | June 28, 2024 09:39am

Futures on U.S. equity indices inched slightly higher in Friday premarket trading after the Fed’s favorite inflation gauge, the Personal Consumption Expenditure (PCE), fell to 2.6% year-on-year in May, as expected.

It marked the lowest inflation rate since March 2021, bolstering market expectations for upcoming Fed interest rate cuts.

After the PCE price index report, traders increased their wagers on a September rate cut, assigning a 68% chance according to CME Group’s FedWatch tool.

Restricting the screener to stocks with a market cap above $50 billion, here are the top performers following 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) rallying following the inflation data were:

• Global X Copper Miners ETF (NYSE:COPX) up 1.6%
• iShares Russell 2000 ETF (NYSE:IWM) up 1%
• SPDR S&P Regional Banking ETF (NYSE:KRE) up 0.9%
• The Energy Select Sector SPDR Fund (NYSE:XLE) up 0.9%
• VanEck Gold Miners ETF (NYSE:GDX) up 0.7%

Read Next:

• Bank of America Analyst Highlights Fed Stress Test Opacity, Varying Bank Impacts: ‘Goldman Sachs Worst Hit, Huntington Best’

Photo: Shutterstock

Posted In: COPX DE FCX GDX GE INTU IWM KRE NOW SCCO SMH TD XLE