Stock futures rose early Friday after the Dow Jones Industrial Average and the Standard & Poor’s 500 Index closed near stability after a short-lived rally on the back of Another positive inflation report.
Dow-related futures rose 173 points, or 0.52%, while S&P 500 and Nasdaq 100 futures rose 0.58% and 0.61%, respectively.
Rivian Arrow Swings in overnight trading after the electric car maker beats higher and lower earnings estimates But it trimmed its guidance for the full year. Poshmark, Olo and Illumina stocks It traded lower after posting earnings Results.
Postal movements on Thursday After a bewildering normal trading session witnessed major averages Flat or slightly lower close after rallying earlier in the day following a better-than-expected PPI report for July.
The Nasdaq Composite Index fell 0.58% to close at 12779.91, while the Dow Jones added 27.16 points, or 0.08%, to close at 33,336.67 and the Standard & Poor’s closed 0.07% lower at 4,207.27.
Six of the 11 sectors of the S&P 500 ended the session lower, led by the healthcare sector, which fell 0.71%. Energy closed up more than 3% on the back of higher crude oil and natural gas prices, which helped expose peak inflation. Disney shares were also up about 5% after that Report strong subscriber numbers and topping ratings in the last quarter.
“I think there’s been profit taking today,” said Jeff Kjellberg, chief investment officer at Sanctuary Wealth. “…we haven’t really had a pullback or we haven’t erased any of the CPI gains [Wednesday]but we had a bit of volume and price discovery after that surprising punch,” from better-than-expected CPI and PPI data.
On the economic front, import price data and consumer confidence are due on Friday.
