Traders work on the trading floor of the New York Stock Exchange (NYSE) during morning trading on January 11, 2024 in New York City.
Angela Weiss | AFP | Getty Images
Stock futures were little changed late Thursday as investors looked ahead to wholesale inflation data and quarterly results from major banks.
Futures and S&P 500 Index rose slightly by 0.1%, while Nasdaq 100 Futures up 0.1%. futures linked Dow Jones Industrial Average An increase of 43 points.
The move comes after a day of losses for major stock indexes, in which S&P 500 Index and 30 stocks Dow Chemical Their records were withdrawn at Thursday’s meeting. The broader market index fell 0.2%, and the Dow Jones lost about 0.1%. this Nasdaq Index It fell slightly by 0.05%.
New data released on Thursday stoked investor concerns that inflation is not cooling fast enough. The consumer price index in September rose 0.2% from the previous month and 2.4% from the same period last year. The results beat expectations of economists surveyed by Dow Jones for a 0.1% monthly increase and a 2.3% annual increase.
According to federal funds futures trading, the probability that the Federal Reserve will cut interest rates by 25 basis points in November is about 87%. CME Group Fed Watch Tool. However, central bank policymakers will be watching more data closely, which will influence where their interest rates go.
“These data are not enough to prevent the Fed from completely cutting interest rates in November,” said Preston Caldwell, senior U.S. economist at Morningstar. “But further data like this (along with strong economic activity data) could lead to Skip the December 2024 or January 2025 meeting.”
In fact, there was another catalyst waiting in the wings on Friday morning: the Producer Price Index, a measure of wholesale prices. Economists surveyed by Dow Jones expect the PPI index to rise 0.1% in September from the previous quarter. Excluding food and energy costs, they forecast growth of 0.2%.
JPMorgan Chase and Wells Fargo It also plans to report quarterly earnings before the bell. The results could impact markets on Friday.
The major stock indexes are heading into the final day of the week with modest gains. The S&P 500 is up 0.5% so far this week and the Dow Jones is up 0.2%. The Nasdaq was the best performer of the three, rising 0.8% during the period.
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