US futures hold steady ahead of PPI data
US stock futures remained largely unchanged on Thursday as investors awaited fresh inflation data, following Tuesday’s modest figures that fueled speculation of potential rate cuts.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) mostly traded flat. The tech-heavy Nasdaq 100 (NQ=F) also hovered around the flatline, News.Az reports, citing foreign media.
Stocks extended their rally Wednesday, pushing the S&P 500 and Nasdaq to consecutive record highs. Bitcoin got a boost from mounting rate-cut bets, too, reaching a new record high Wednesday evening before scaling back on those gains.
Euphoria over a possible September rate cut has swept Wall Street over the past two sessions after July's Consumer Price Index report showed inflation rose as expected, but not dramatically. Traders have now fully priced in a rate cut at the Fed's next meeting, even as some Fed policymakers continue to urge patience.
On Thursday, investors will be eager to see if July's Producer Price Index (PPI) report falls in line with the CPI data that has boosted sentiment this week. A weekly update on jobless claims will also give a glimpse at the labor market.
Friday's release on July's retail sales numbers will this week's final economic data point.
In corporate news, cryptocurrency exchange operator Bullish (BLSH) rose over 10% on Thursday before the bell, hovering around $77, more than double its IPO price of $37.
Similar news
