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The markets are gripped in fear once again as this trend of one step forward, two steps back persists. The U.S. and China trade deal appears to have unraveled. All three of the major stock market averages opened lower after President Trump called out China for violating the trade deal.
It’s not all doom and gloom, as the economy is showing further signs of staving off inflation. Consumer prices barely moved in April, rising a mere 0.1% based on the personal-consumption-expenditures price index. The index, which is closely watched by the Fed to gauge where inflation is headed, was up 2.1% in the 12-month period leading up to April, down from 2.3% in the prior month and signaling progress toward the Fed’s 2% goal. Consumers also remain a bright spot as consumer spending inched higher by 0.2% last month and personal income saw a 0.8% increase.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 79.87 (-0.19%)
Nasdaq Composite: Down 56.87 (-0.30%)
S&P 500: Down 16.75 (-0.31%)
Winners & Losers
Despite signs of an economic slowdown, consumers are sticking to their beauty regimens. Ulta Beauty (Nasdaq: ULTA) lifted its full-year guidance as consumers continue to buy its products, sending the stock soaring by 14.5% today.
Palantir Technologies (Nasdaq: PLTR) is gaining 2% on the day. The AI-powered data analytics software company is benefiting from expanded government contracts, per The New York Times. The share price reached new record highs in May but has since declined from those levels.
PC maker Dell (Nasdaq: DELL) is up 2.5% after beating Q2 earnings estimates.
Regeneron Pharma (Nasdaq: REGN) is down 18.4% after disappointing drug trial results for its smoker’s lung treatment, which had previously shown promise.
Cooper Companies (Nasdaq: COO) is losing 13.9% after announcing its Q2 results.
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