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Middle East Tensions Cool Ahead of the Opening Bell
Monday, June 8th, 2026
Whereas last week was “Jobs Week,” over the next few trading sessions we’ll get “Inflation Week” — particularly on Wednesday morning with a fresh Consumer Price Index (CPI) for May and Producer Price Index (PPI) Thursday morning. Expectations are for inflation to have moderated month over month.
Estimates are currently for +0.5% CPI growth from the prior month, -10 basis points (bps) below the +0.6% last reported. Core CPI is expected to have reached +0.3%, down from +0.4% for April. Year over year is a different story, however: +4.2% on headline would be an advance of +40 bps month over month, while year over year core is anticipated to have ticked up +10 bps to +2.9%.
PPI on headline is expected to be slashed more than in half from the previous month — +0.6% from +1.4% in April — with core estimated at +0.4% from +0.6% prior. Year over year, we don’t see new projections currently, but last month saw some of the highest inflation numbers since late 2022: +6.0% on headline and +4.4% on core. Clearly, anything close to these numbers this week will illustrate an inflation narrative rather unwelcome to our current economy.
Pre-Markets Improving After a Rough Friday
The final trading session of last week is one to forget: the Dow fell -695 points, and it got off easy; the S&P 500 shed -200 points, -2.65%, and the tech-heavy Nasdaq got routed Friday: -1121 points, -4.18% — it’s worst single day of trading since the fallout from tariff “Liberation Day” in April 2025. It was a good day for booking profits in Tech; this morning fills some of those deep craters dug in the market indexes last week.
For instance, memory and data storage chip-maker Micron (MU - Free Report) shares are up +7% this morning, after tumbling roughly -13% on Friday, pulling back from its recent $1 trillion market cap. This came after astounding +750% growth in its share price over the past year, as it joins the AI revolution in a big way. Micron is still a Zacks Rank #1 (Strong Buy) this morning.
Hostilities have reportedly ceased between Iran and Israel this morning, after a weekend of launching missiles. Oil prices are up a point and a half or so this morning, but well off the recent highs when it was unclear which direction this war was going to go. Oil companies — especially the integrated “super-majors” — are up this morning, led by BP (BP - Free Report) +2.3% at this hour.
Q1 earnings season is essentially over — a week or two after the calendar close of Q2 at the end of this month earnings season will pick back up again — though we do see some late companies posting numbers ahead of today’s open: Campbell’s Soup (CPB - Free Report) beat the Zacks consensus by 2 cents to $0.50 per share, Duluth Holdings (DLTH - Free Report) reported a much slimmer loss than expected and shares are up +6% on the news, and FuelCell Energy (FCEL - Free Report) missed expectations by -20% but the stock is still up. After the close, we’ll hear from Vail Resorts (MTN - Free Report) and Trip.com (TRIP - Free Report) .
View the Zacks #1 Rank List
Image: Bigstock
New Inflation Numbers Out This Week: CPI, PPI
Key Takeaways
Monday, June 8th, 2026
Whereas last week was “Jobs Week,” over the next few trading sessions we’ll get “Inflation Week” — particularly on Wednesday morning with a fresh Consumer Price Index (CPI) for May and Producer Price Index (PPI) Thursday morning. Expectations are for inflation to have moderated month over month.
Estimates are currently for +0.5% CPI growth from the prior month, -10 basis points (bps) below the +0.6% last reported. Core CPI is expected to have reached +0.3%, down from +0.4% for April. Year over year is a different story, however: +4.2% on headline would be an advance of +40 bps month over month, while year over year core is anticipated to have ticked up +10 bps to +2.9%.
PPI on headline is expected to be slashed more than in half from the previous month — +0.6% from +1.4% in April — with core estimated at +0.4% from +0.6% prior. Year over year, we don’t see new projections currently, but last month saw some of the highest inflation numbers since late 2022: +6.0% on headline and +4.4% on core. Clearly, anything close to these numbers this week will illustrate an inflation narrative rather unwelcome to our current economy.
Pre-Markets Improving After a Rough Friday
The final trading session of last week is one to forget: the Dow fell -695 points, and it got off easy; the S&P 500 shed -200 points, -2.65%, and the tech-heavy Nasdaq got routed Friday: -1121 points, -4.18% — it’s worst single day of trading since the fallout from tariff “Liberation Day” in April 2025. It was a good day for booking profits in Tech; this morning fills some of those deep craters dug in the market indexes last week.
For instance, memory and data storage chip-maker Micron (MU - Free Report) shares are up +7% this morning, after tumbling roughly -13% on Friday, pulling back from its recent $1 trillion market cap. This came after astounding +750% growth in its share price over the past year, as it joins the AI revolution in a big way. Micron is still a Zacks Rank #1 (Strong Buy) this morning.
Hostilities have reportedly ceased between Iran and Israel this morning, after a weekend of launching missiles. Oil prices are up a point and a half or so this morning, but well off the recent highs when it was unclear which direction this war was going to go. Oil companies — especially the integrated “super-majors” — are up this morning, led by BP (BP - Free Report) +2.3% at this hour.
Q1 earnings season is essentially over — a week or two after the calendar close of Q2 at the end of this month earnings season will pick back up again — though we do see some late companies posting numbers ahead of today’s open: Campbell’s Soup (CPB - Free Report) beat the Zacks consensus by 2 cents to $0.50 per share, Duluth Holdings (DLTH - Free Report) reported a much slimmer loss than expected and shares are up +6% on the news, and FuelCell Energy (FCEL - Free Report) missed expectations by -20% but the stock is still up. After the close, we’ll hear from Vail Resorts (MTN - Free Report) and Trip.com (TRIP - Free Report) .
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