Years ago, a futures exchange would be filled with shouting traders using the old-fashioned open outcry method. They picked up landline phones, threw up hand signals and muttered plenty of expletives.
After the headline Consumer Price Index (CPI) rose 8.3% in August, down from 8.5% in July, the SPDR S&P 500 (NYSE: SPY) started trending lower, heading towards June's lows.
Good Morning Everyone!
Inflation:
+8.3% YoY in August. Higher than +8.1% expected.
Average interest rate of savings account in America: 0.06%.
Do with this what you want.
Citigroup cut the price target on FedEx Corporation (NYSE: FDX) from $270 to $225. Citigroup analyst Christian Wetherbee also downgraded the stock from Buy to Neutral. FedEx shares fell 3% to trade at $202.52 on Tuesday.
HSBC raised the price target on The Coca-Cola Company (NYSE: KO) from $72 to $76. HSBC analyst Carlos Laboy maintained a Buy rating on the stock. Coca-Cola shares rose 0.3% to $61.34 in pre-market trading.