US stock futures inch higher with PPI inflation, retail sales data on tap
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Investing.com– U.S. stock futures rose slightly in evening deals on Wednesday following a mixed session on Wall Street, with focus turning squarely to more upcoming data on inflation and the U.S. consumer.
While U.S. stock markets had largely shrugged off a hotter-than-expected consumer price index reading for February, they faced a new test later on Thursday with producer price index and retail sales data.
Anticipation of the data kept traders from making any major bets.
S&P 500 Futures rose 0.1% to 5,238.75 points, while Nasdaq 100 Futures rose 0.3% to 18,373.50 points by 19:33 ET (23:33 GMT). Dow Jones Futures rose 0.1% to 39,557.0 points.
PPI inflation, retail sales on tap as Fed meeting looms
Following hotter-than-expected CPI data earlier this week, markets were now awaiting key PPI and retail sales data for more cues on the U.S. economy, as well as the path of interest rates.
Sticky inflation gives the Federal Reserve more impetus to keep interest rates higher for longer- a trend that is expected to weigh on stock markets in the near-term. Several central bank officials recently warned that any potential rate cuts in 2024 will be largely tied to inflation.
Retail sales data for February is also expected to offer more cues on inflation.
Thursday’s data comes just days before a Fed meeting next week, where the central bank is widely expected to keep interest rates unchanged and offer few signals on its plans to ease monetary policy.
Tech hit with profit-taking after AI-fueled rally
Wall Street indexes closed in a flat-to-low range on Wednesday, weighed chiefly by losses in technology stocks- which were hit with profit-taking following a strong rally on hype over artificial intelligence.
The S&P 500 fell 0.2% to 5,165.31 points on Wednesday, while the NASDAQ Composite led losses, falling 0.5% to 16,177.77 points. The Dow Jones Industrial Average was an outlier, as gains in industrial giant 3M Company (NYSE:MMM) helped it inch up 0.1% to finish at 39,043.32 points.
3M surged 5.4% and was the top performer on the Dow after it earlier this week announced an overhaul in its top management.
Losses on Wall Street were also limited by strength in energy stocks, which rose tracking sharp gains in oil prices.
Under Armour (NYSE:UA) jumps on new CEO, Fisker faces potential bankruptcy
Among aftermarket movers, sports apparel retailer Under Armour Inc (NYSE:UA) rose about 6% after it named Kevin Plank as President and Chief Executive Officer.
On the other hand, electric vehicle maker Fisker Inc (NYSE:FSR) slumped 47% after a report said the firm hired advisers for a potential bankruptcy filing.
