Economists surveyed by Bloomberg expect the CPI to have been unchanged at 8.3% in May, and expect core inflation to have fallen to 5.9% from 6.2% in April. US stocks traded lower on Thursday as investors digested the European Central Bank’s plan next month to hike interest rates for the first time in a decade. UBS Global Research analyst Cody Ross downgraded Kraft Heinz (KHC, -6.1%) to Sell from Neutral , saying the consumer staples stock lacks the pricing power needed to power through higher inflation. “We believe it will be difficult for KHC to pass through additional pricing next year and by that time, KHC will likely be battling trade down pressure as consumers’ budgets are squeezed further,” Ross writes in a note to clients. While three Wall Street pros say it’s a Strong Buy, 14 have it at Hold, two say Sell and one says Strong Sell, according to S&P Global Market Intelligence. “The underpinning for today’s market climb higher suggests that last week’s doom and gloom about the all-important U.S. consumer might have been overdone, along with the dire recession headlines,” says Quincy Krosby, chief equity strategist for LPL Financial. Discount retailers Dollar Tree (DLTR, +21.9%) and Dollar General (DG, +13.7%) both enjoyed double-digit pops on Street-beating earnings.
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The stock market rallied late Thursday to blot out most of its losses. Investors continued to fret https://dotbig.com/markets/stocks/ESPGY/ about the impact of inflation and the Federal Reserve’s tighter monetary policy on the economy.
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