Traders move around during morning trading on the New York Stock Exchange (NYSE) on May 14, 2024.
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Stock index futures edged higher on Thursday after weaker-than-expected inflation data pushed the major indexes to record highs.
Futures and Dow Jones Industrial Average An increase of 65 points, or 0.16%. S&P 500 Index Futures rose 0.14%, while Nasdaq 100 Futures up 0.2%.
In regular trading, all three major moving averages hit all-time highs.this Dow Chemical The market rose 0.88% S&P 500 Index It rose 1.17% and closed above 5,300 points for the first time.High-tech Nasdaq Index It closed up 1.40%.
The performance was aided by April data on the consumer price index, a broad measure of the cost of goods and services at the cash register, which rose 0.3% from the previous month. That was slightly lower than the 0.4% forecast by Dow Jones. Consumer prices still increased by 3.4% compared with the same period last year.
“The market recognizes that inflation dynamics look favorable,” Yung-Yu Ma, chief investment officer at BMO Wealth Management, told CNBC. “Combined with some of the earnings season takeaways, which are pretty healthy earnings and a good overall outlook, the market just Interpret the news as good news.”
“(It’s) a sign of a bull market,” he added, “to accept that something may be two-sided and call it good.”
On Thursday, investors will have a batch of economic data to look forward to, including the closely watched weekly jobless claims and the Philadelphia Fed manufacturing index at 8:30 a.m. ET.
Investors are also looking forward to it Walmart Earnings, due before closing, and Under Armor and Baidu.
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