Futures Are Extending Gains From Yesterday's Higher Close After May's PPI Came In Cooler Than Expected & Initial Jobless Claims Ticked Up

U.S. stock futures are higher. Futures are extending gains from yesterday's higher close after May's PPI came in cooler than expected, and initial jobless claims ticked up to 242k. This morning's promising data builds on the soft-landing narrative, which was bolstered by yesterday's cool CPI figures. All this comes despite a hawkish tilt in the Federal Reserve's Summary of Economic Projections, where participants indicated that only one rate cut would occur in 2024, down from the three rate cuts signaled in the March release. Treasury yields are softer in response to the economic data. In international trading, Asian markets finished with mixed performance, and European markets are mostly lower. Crude and gold prices are moving lower, while the U.S. Dollar Index is gaining strength.

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