Based in Minneapolis, Bio-Techne develops and markets protein-based instruments and reagents for research and clinical use. Its customers include companies in the pharmaceutical and biotech industries as well as academic research institutions. The company's products and solutions aid in drug discovery and provide the means for accurate clinical tests and diagnoses. Through its Protein Sciences business segment, Bio-Techne is one of the world's leading suppliers of proteins, such as cytokines and growth factors, immunoassays, antibodies, and reagents to the biotech and academic research communities. Bio-Techne's Diagnostics and Genomics segment provides blood chemistry and blood gas quality controls, hematology instrument controls, immunoassays, and other bulk and custom reagents for the in-vitro diagnostic market.

Many of the most-prominent economists in the country, including Federal Reserve Chairman Powell, head to Jackson Hole this week. Meanwhile, a few more key earnings report are due. Last week, the Dow Jones Industrial Average was up 2.9%, the S&P 500 gained 3.9%, and the Nasdaq popped 5.3%. Year to date, the DJIA is higher by 8%, the S&P is up 16%, and the Nasdaq is ahead by 17%. On the economic calendar, the schedule is light this week. On Friday, Mr. Powell takes the podium in Jackson Hole. A good amount of data about inflation and labor has hit the tape since he last spoke publicly, so his speech this week should get attention. In related news, the minutes from the Fed's July rate meeting will be out on Wednesday, and Existing Home Sales will be reported on Thursday. The earnings calendar is light, but does include some big reports. On Monday Palo Alto Networks and Estee Lauder will report. On Tuesday, Lowe's, Toll Brothers, and Medtronic. On Wednesday, Target, TJX Companies, Macy's, Analog Devices, and Agilent. And on Thursday, Intuit, Peloton, and CAVA. Earnings are coming in 12.5% higher this quarter than a year ago, this after 93% of S&P 500 companies have reported. Financial and Healthcare are the leading sectors, both up 20% for the quarter compared to the same quarter last year. Materials is on at other end, down 6%. Expectations were for 8%-12% earnings growth in 2Q. Last week, data on inflation continued to show improvement. CPI posted at 2.9% for July compared to 3.0% for June. Core CPI was 3.2% versus 3.3% the month prior. Mortgage rates inched up two basis points (bps) to 6.49% for the average 30-year fixed-rate mortgage. Gas prices fell four cents to $3.41 per gallon for the average price of regular gas. The Atlanta Fed GDPNow indicator is forecasting for 3Q and calls for expansion of 2.0%. The Cleveland Fed CPINow indicator forecasts 2.6% for August CPI. Looking ahead, the next Fed rate decision is on September 18, with odds at 100% for a rate cut. Of that, 75% expect a 25-bps cut and 25% look for a 50-bps cut. There are two more Fed rate meetings this year, the first on November 7 (just after the U.S. presidential election) and the second on December 18. We have adjusted our rate forecast and now expect three rate cuts this year (up from two) for a total of 75 bps. We see two rate cuts in 2025. We expect all the cuts to be 25 bps.

Based in Minnesota, Bio-Techne is a life sciences manufacturer supplying consumables and instruments for the pharma, biotech, academic, and diagnostic markets. It reports in two segments: protein sciences (75% of revenue) and diagnostics and genomics (25%). The protein sciences segment sells reagents and analytical instruments used in life sciences research, including antibodies used in protein analysis. The diagnostics and genomics segment sells diagnostic reagents, molecular diagnostics, and spatial biology products. The United States accounts for about 55% of revenue. The firm also has operations in Europe, the Middle East, and Africa (20% of sales), the UK (5%), and Asia-Pacific (15%), with the rest of the world accounting for the remaining 5%.

Based in Minnesota, Bio-Techne is a life sciences manufacturer supplying consumables and instruments for the pharma, biotech, academic, and diagnostic markets. It reports in two segments: protein sciences (75% of revenue) and diagnostics and genomics (25%). The protein sciences segment sells reagents and analytical instruments used in life sciences research, including antibodies used in protein analysis. The diagnostics and genomics segment sells diagnostic reagents, molecular diagnostics, and spatial biology products. The United States accounts for about 55% of revenue. The firm also has operations in Europe, the Middle East, and Africa (20% of sales), the UK (5%), and Asia-Pacific (15%), with the rest of the world accounting for the remaining 5%.