Traders work on the floor of the New York Stock Exchange (NYSE), December 7, 2022.
Brendan McDiarmid | Reuters
Stock futures were flat Thursday evening as investors looked forward to fresh inflation data due on Friday.
Futures linked to the Dow Jones Industrial Average rose 4 points, or 0.01%. S&P 500 and Nasdaq 100 futures rose 0.03% and 0.04%, respectively. Lululemon shares fell about 7% after the company gave a weaker-than-expected fourth-quarter forecast, though Beat Wall Street expectations With the results of the third quarter.
Earlier in the day, the S&P 500 rallied to snap a five-day losing streak — its longest streak since October. The broad market index rose 0.75%, and the Dow Jones added 183.56 points, or 0.55%. The Nasdaq was the strongest performer of the day, up 1.13%.
Even with Thursday’s gains, all three major averages are on track to post losses this week. The S&P 500 is down 2.6% for the week, while the Nasdaq is down more than 3%. The Dow Jones index fell 1.8 percent.
Next, investors await Friday’s release of the Producer Price Index report for November, which will give more information on how interest rate hikes by the Federal Reserve will tame rising inflation.
“[The stock market] Courtney Garcia, senior wealth advisor at Bain Capital Management, said on CNBC’s “Fast Money” Thursday:
Next week, more inflation data and the Federal Reserve meeting will be on top of traders’ minds. The Consumer Price Index report for November, due on December 13, will show whether inflation is subsiding.
The central bank is widely expected to raise the interest rate by 0.5 percentage point on December 14, the last day of its December meeting.
