The stock market is awaiting the release of data on producer prices, following consumer price statistics that had little impact on market movement. Here are the latest figures:
Dow Jones Industrial Average Futures (YM00: +0.04%)
- The futures rose 7 points, or 0%, to 35,258.
S&P 500 Futures (ES00: -0.06%)
- The futures dropped 4 points, or 0.1%, to 4,482.
Nasdaq 100 Futures (NQ00: -0.16%)
- The futures decreased 29 points, or 0.2%, to 15,173.
In the previous trading session, the Dow Jones Industrial Average (DJIA) gained 53 points (0.15%) to reach 35,176. The S&P 500 (SPX) increased by 1 point (0.03%) to reach 4,469, while the Nasdaq Composite (COMP) gained 16 points (0.12%) to reach 13,738.
Stocks initially rallied on Thursday after consumer price data for July reported a 0.2% monthly increase, in line with estimates. However, equity markets flattened as San Francisco Fed President Mary Daly emphasized the need for more work in the economy. Additionally, an auction of 30-year notes didn’t perform as strongly as the previous two auctions.
Despite these developments, Tim Waterer, chief market analyst at KCM Trade, remarked that the current rate of disinflation aligns with the possibility of a September pause from the FOMC (Federal Open Market Committee). However, he noted that market sentiment may remain slightly anxious with the upcoming August CPI report still to come before the next policy meeting.
On Friday, more inflation data is expected, with the release of producer prices for July and the University of Michigan consumer sentiment gauge, which includes consumer inflation expectations.
