Stock futures rose early Friday after the Dow Industrial Average and S&P 500 closed almost flat following a short-lived rally on another positive inflation report.
Dow Jones futures rose 45 points, or 0.14%, while S&P 500 and Nasdaq 100 futures rose 0.17% and 0.25%, respectively.
Rivian shares seesaw in overnight trading after the electric vehicle maker beat both top and bottom line estimates but cut its full-year guidance. Actions from Poshmark, Olo and Illumina was trading lower after the earnings release results
Thursday’s aftermarket moves followed a bewildering regular trading session that saw the major averages close flat or slightly lower after rallying earlier in the day following a better-than-expected producer price index report I was waiting for July.
The Nasdaq Composite fell 0.58% to close at 12,779.91, while the Dow added 27.16 points, or 0.08%, to end at 33,336.67 and the S&P closed up 0.07% down to 4,207.27.
Six of the 11 S&P 500 sectors ended the session lower, led by healthcare, which fell 0.71%. Energy closed up more than 3% on higher crude and natural gas prices, which helped unravel the peak inflation narrative. Disney shares also rose nearly 5% after reporting strong subscriber numbers and beating estimates in the latest quarter.
“I think there’s some profit taking today,” said Sanctuary Wealth Chief Investment Officer Jeff Kilburg. “…We didn’t actually have any pullbacks or erase any of the CPI gains [Wednesday]but we had some volume and price discovery after this surprising one-two punch” of better-than-expected CPI and PPI data.
On the economic front, import prices and consumer sentiment data will be released on Friday.
[ad_2]
Source link
