Thursday, February 22, 2024
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Futures For Stocks Rise

As traders were ready for the August producer price index, a gauge of wholesale inflation, stock futures rose on Thursday morning.

The Dow Jones Industrial Average futures rose 99 points, or 0.28%. Nasdaq 100 futures moved higher by 0.39%, while S&P 500 futures increased by 0.39%.

The 30-stock Dow fell 0.2% during regular trading on Wednesday, falling for the second straight day and being led down by 3M. The S&P 500 gained 0.1%, while the Nasdaq Composite closed up roughly 0.3%.

A significant event for traders was the consumer price index data for August. Food and energy were excluded from the core CPI, which increased by 0.3% from the previous month and 4.3% from a year ago. In contrast, economists surveyed by Dow Jones had predicted 0.2% and 4.3%, respectively.

The headline inflation rate rose 0.6% on a monthly basis and 3.7% over the previous year, exceeding economists’ expectations of 0.6% and 3.6%, respectively.

Source (CNBC)

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