US Stock Market Rises Ahead of Consumer Prices Report

Delta, Target, First Solar Rise Pre-market; Ford, Domino’s Pizza Fall

U.S. stock market futures are on the rise today as investors eagerly await the release of the September consumer prices report. Here are some of the biggest pre-market movers in the U.S. stock market:

• Delta Air Lines stock rose 3% after reporting stronger-than-expected quarterly profit, driven by strong international travel. However, the carrier trimmed its full-year outlook due to higher fuel costs.
• Walgreens Boots Alliance stock rose 1.4% despite offering a disappointing 2024 earnings forecast and weak fourth-quarter earnings. The demand for Covid vaccines and tests weakened, impacting the company’s financials.
• Ford stock fell 2.2% after the United Auto Workers announced a surprise walkout at the auto giant’s biggest plant in Kentucky. This is the largest single walkout since targeted strikes began four weeks ago.
• Microsoft stock fell 0.6% after the U.S. Internal Revenue Service notified the software giant of an additional tax payment of $28.9 billion. This includes penalties and interest for tax years from 2004 to 2013.
• Domino’s Pizza stock fell 2.3% as the pizza chain missed market expectations for its quarterly revenue. Higher menu prices and delivery charges discouraged inflation-weary consumers.
• Birkenstock shares rose 0.5% as they rebounded after the German sandal maker’s stock ended more than 12% below its initial public offering price on its market debut.
• Target stock rose 2.9% after Bank of America upgraded its stance on the discount department store chain to ‘buy’ from ‘neutral’. The recent stock selloff created an attractive buying opportunity.
• First Solar stock rose 3.6% after Barclays upgraded the manufacturer of solar panels to ‘overweight’ from ‘equal weight’. The company is currently trading at an unjustified discount compared to its peers.

Stay tuned for the release of the September consumer prices report, as it is expected to have a significant impact on the U.S. stock market.