The Latest for 3 of Our Names on This 'Triple-Witching' Day

*Friday is one of four triple-witching days this year, potentially injecting some volatility in what has been a quiet week for the market

*So far, the improving inflation outlook is lifting gold and oil prices, but on deck is the June flash PMI data for the U.S.

*Portfolio tidbits below on Amazon, Microsoft and Apple

To close out this funky week, we have the June flash PMI data from S&P Global and triple witching. For those less familiar with “triple witching,” it refers to the simultaneous expiration of stock options, stock index futures and stock index options contracts, all on the same trading day. It happens roughly four times a year, and today is one of those days, and it could bring some outsized trading volumes and some volatile share price moves. We’ll continue to stick to the data, but also recognize the midweek holiday could lead to a somewhat muted day in the markets compared to other triple-witching days in March, September and December.

Setting the stage for the U.S. flash June PMI report at 9:45 a.m. ET Friday, the Eurozone's flash June manufacturing PMI hit 45.6, missing the expected uptick to 48.0 versus May’s 47.3 figure. The block’s flash services PMI missed the expected 53.2 figure, hitting 52.6 for June, still growing but at a softer rate than May’s 53.2 figure. On the inflation front, input cost and output price inflation rates eased to six- and eight-month lows, respectively.

The improving inflation picture is helping lift gold, while oil prices are heading to a positive weekly close due to falling U.S. crude inventories and renewed supply concerns. We are also watching developments in the Middle East amid reports that Israeli forces are advancing deeper into the Gaza Strip, stoking concerns that the tensions across the region could disrupt supply.

Portfolio Tidbits: Amazon, Microsoft and Apple

Baird raised its price target on Amazon AMZN to $213 from $210 and kept an outperform rating on the shares. The firm thinks there is upside potential to out-year street margin estimates.

Citi raised the firm's price target on Microsoft MSFT to $520 from $495, maintaining its buy rating on the shares. The main catalyst for the price target boost was its view on fiscal 2027, and recent reports that OpenAI, which Microsoft owns a significant interest in, has more than doubled its revenue to $3.4 billion. Other indications are that OpenAI has inked a deal with Oracle ORCL. Those are positive developments, however, we are mindful of the investments inside OpenAI to maintain its competitive position, which could be a modest drag on Microsoft’s bottom line in the near term.

Bernstein raised the firm's price target on Apple AAPL to $240 from $195, reiterating its outperform rating on the shares. The firm believes the principal reason for incremental investor enthusiasm for Apple is that investors now believe Apple can be a leader in artificial intelligence, not a laggard. We are optimistic that Apple will be an AI beneficiary, but we continue to think it will need to showcase a series of examples that will convince its vast install base to upgrade to iPhone 15 Pro and upcoming iPhone models.

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At the time of publication, TheStreet Pro Portfolio was long AMZ, MSFT and AAPL.