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📊 Market Event Update
Nike shares stumbled, US incomes and spending ticked up, and European markets had mixed reactions to softer inflation—stay tuned for the full scoop on these rollercoaster updates!
Market Event Recap:
👟 Nike earnings. The sportswear maker reports earnings after market on Thursday. Analysts expect higher quarterly sales and profit compared to last year, as the company looks ahead to the Olympics.
🇺🇸 US inflation. We get a PCE reading on Friday, the Fed’s preferred inflation gauge. The latest one showed prices unexpectedly tracking sideways. Another similar print could undermine the case for cutting rates soon.
🇪🇺 Eurozone inflation. France, Italy, and Spain also report their inflation numbers on Friday. The ECB cut rates last month, and investors expect at least one more this year.
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Market Event Update:
👟 Nike earnings.
Nike shares dropped 11% after the company cut its full-year guidance, forecasting a 10% sales decline this quarter due to weak performance in China and uneven global consumer trends, far below analysts' expectations.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/0f4d6cc4-57fc-4fd0-88bf-a72501cf1701/Screenshot_2024-06-28_at_5.45.03_AM.png?t=1719578708)
Credit: Jakub Porzycki | Nurphoto | Getty Images
🇺🇸 US inflation.
In May, personal income in the US increased by $114.1 billion (0.5%), disposable personal income rose by $94.0 billion (0.5%), and personal consumption expenditures grew by $47.8 billion (0.2%), while the PCE price index decreased slightly and the core PCE price index increased by 0.1%.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d5b6e365-96de-48cb-a67d-1de70b4631d9/Screenshot_2024-06-28_at_5.52.53_AM.png?t=1719579190)
Credit: GobankingRates
🇪🇺 Eurozone inflation.
European markets were mixed after softer inflation readings, with notable movements including the UK’s GDP growth of 0.7% in Q1, Germany’s unemployment rate rising to 6%, France’s inflation dropping to 2.1%, Spain’s inflation easing to 3.4%, and the pan-European Stoxx 600 gaining 0.14%.
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Credit: da-kuk/E+ via Getty Images