Traders work on the trading floor of the New York Stock Exchange on September 9, 2024.
Spencer Pratt | Getty Images
U.S. stock futures were little changed late Tuesday ahead of an August consumer inflation report released Wednesday morning.
Dow Jones Industrial Average Futures It was down 24 points, or less than 0.1%. S&P 500 Index Futures and Nasdaq 100 Futures Both fell 0.1%.
In after-hours trading, stocks game station down 12%. The video game retailer revise its open market sales agreement filed with the U.S. government Securities and Exchange Commissionallowing it to sell up to an additional 20 million shares of Class A common stock.
In regular trading on Tuesday, S&P 500 Index Up nearly 0.5% Nasdaq Index Up 0.8%, benefiting from higher share price NVIDIA stock. That marked consecutive gains for broad-market benchmarks and tech-heavy indexes. 30 stocks Dow Chemical The index fell 0.2% as a fall in JPMorgan Chase & Co. shares weighed on the index.
Traders expect a key economic report to be released on Wednesday morning: the August Consumer Price Index. Economists surveyed by Dow Jones expected the overall CPI to rise 0.2% quarterly and 2.6% annually.
The CPI report and Thursday’s producer price index could help determine the size of the Fed’s widely expected rate cut at the end of its two-day meeting on Sept. 18. The probability of 50 basis points is 31% CME Group Fed Watch Tool.
“I think we’re going to see a 25 basis point cut from the Fed next week because a 50 basis point cut would be a wake-up call and a plea of guilty,” Kristina Hooper, chief global market strategist at Invesco, said Wednesday afternoon. CNBC’s “Closing Bell” program said.
Hooper added: “I don’t think the Fed will do irreparable damage by keeping us at very tight monetary policy levels for an extended period of time, but I do believe that every day that we have interest rates at these levels, the likelihood of a recession becomes smaller. will increase.
She noted that central bankers may have to signal next week through a dot plot, a graph of Fed policymakers’ forecasts for interest rates, that future rate cuts should come sooner rather than later.
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