Stocks headed lower this morning after earnings and data.
Consumer spending was up 0.4% in June while incomes rose 0.2% in the month. Spending was slightly ahead of expectations while income was slightly behind. The PCE price index, a measure of inflation, rose 0.1% from the previous month and is up 0.9% year-over-year. Core inflation, which excludes food and energy, was up 1.6% year-over-year.
CoreLogic said this morning that home prices rose 5.7% year-over-year in June.
Stocks on the Move
Procter & Gamble’s (PG) fourth-quarter results showcased the steady progress the firm is making to right its ship. Organic sales ticked up 2%, due entirely to higher volumes, and adjusted gross margins expanded 160 basis points to 49.4%. However, adjusted operating margins slipped 150 basis points to 17.0%, but this decline reflected stepped-up brand investment. Shares were up 0.6% at midday.
Shares of Pfizer (PFE) were down over 2% this morning despite better-than-expected results. Management also announced it had settled a lawsuit for nearly half a billion dollars about covering up the side effects of some pain medicine.
Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.