Traders work on the floor of the New York Stock Exchange on June 14, 2024.
Brendan McDiarmid | Reuters
U.S. stock futures were trading at 1.1% on Wednesday night, with both markets trading at 1.1%. S&P 500 and Nasdaq Composite Index It closed at an all-time high.
Futures track broad market indexes It fell by less than 0.1%. Nasdaq 100 Futures. Dow Jones Industrial Average Futures It lost 23 points, or less than 0.1%.
WD-40 Company and PriceSmart Both stocks rose 12% and 5%, respectively, following the quarterly results, with notable gains in after-hours trading. Costco Wholesale The 2% increase came after the company announced its first membership fee increase since 2017.
On that day, the S&P 500 rose 1.02%, closing above 5,600 for the first time, while the Nasdaq Composite Index rose 1.18%, closing at a record high. 30 stocks Dow It rose 429.39 points, or 1.09%,
The moves come ahead of a key inflation report due to be released on Thursday morning and could help bolster expectations of a rate cut in September.
Economists surveyed by Dow Jones expect the Consumer Price Index to rise 0.1% month-on-month and 3.1% year-on-year in June, confirming the positive outlook from May’s report which showed inflation was flat month-on-month and up 3.3% year-on-year.
Core CPI, which excludes volatile food and energy prices, is expected to have risen 0.2% in June from the previous month and 3.4% from a year earlier.
“I think if inflation eases a little bit, some of the big tech companies will probably do a little better. [Thursday]”An upside to inflation would be a downside for the market,” said Mike Bailey, director of research at FBB Capital Partners. “I don’t think that’s going to happen. It’s unlikely, but it’s possible.”
PepsiCo, Delta Airlines and Conagra The company is expected to report results before the close of trading on Thursday.
