Traders work on the floor of the New York Stock Exchange during afternoon trading on June 3, 2024.
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S&P 500 Futures Stocks rose on Thursday after investors got more economic data showing that inflationary pressures are easing.
Futures tracking the broader index rose 0.2%; Nasdaq 100 Futures It increased by 0.7%. Dow Jones Industrial Average Futures fell 71 points, or 0.2 percent.
The producer price index fell 0.2% in May from the previous month. Economists surveyed by Dow Jones had expected a 0.1% increase. The report came a day after the consumer price index rose less than expected last month in May.
Thursday’s data also follows a policy decision from the Federal Reserve, which left interest rates unchanged but noted progress on inflation. However, the Fed lowered its forecast for rate cuts in 2024 to one, down from three.
“The Fed left policy unchanged as expected, but continues to keep the door open for further rate cuts this year,” wrote James McCann, deputy chief economist at abrdn. “With downside projections for CPI inflation more encouraging and most members divided on one or two rate cuts, it would not be surprising to see markets continue to price in multiple rate cuts this year.”
Broadcom Shares rose 13% in morning trading after the chipmaker beat second-quarter earnings expectations and announced a 10-for-1 stock split. Dave & Buster’s Entertainment The stock fell 10% after the company’s first-quarter earnings fell short of expectations.
Wall Street ended the session on a strong note with the S&P 500 Nasdaq Composite IndexEach index hit a new all-time high and closed at an all-time high. The broader market index rose 0.85%, while the tech-heavy Nasdaq added 1.53%. The exception was the Dow Jones Industrial Average, which closed down a modest 0.09%.
Correction: Economists surveyed by Dow Jones had expected the PPI to rise 0.1%. An earlier version had an incorrect estimate.
