Traders work on the floor of the New York Stock Exchange.
NYSE
Stock futures rose slightly in overnight trading as Wall Street looked ahead to a key inflation reading that could impact the Federal Reserve’s next rate move.
Futures tied to the Dow Jones Industrial Average rose 87 points, or 0.25%. S&P 500 futures and futures connected to the Nasdaq-100 added 0.26% and 0.29%, respectively.
Disney gained 2% after announcing an upcoming price hike for ad-free Disney+ subscriptions. Wynn Resorts advanced 1% on stronger-than-expected results.
The overnight moves followed another down session on Wall Street. The Dow Jones Industrial Average dropped about 191 points, or 0.54%, while the S&P 500 shaved off 0.7%, and the Nasdaq Composite shed 1.17%.
Traders are looking ahead to Thursday’s July consumer price index report, which could offer more insight into how the central bank’s latest rate moves are affecting sticky prices. The findings could also impact the Fed’s next rate decision at its upcoming policy meeting in September.
Many on Wall Street are hoping for more signs of disinflation through the CPI report, and Friday’s producer price index. Some regional manufacturing numbers have also showed some signs of easing, noted Sahak Manuelian, head of equity trading at Wedbush Securities.
“CPI and PPI Friday morning we think will continue the trend lower,” he told CNBC’s “Closing Bell: Overtime on Wednesday. “I think that really a lot of this stuff is starting to get priced into the market. We see the market kind of bouncing around this 4450, 4500 area, having a tough time as we get through most of Q2 earnings, but expect to see further disinflationary forces play through.”
Along with CPI, initial jobless claims and hourly earnings for July are due out Thursday. The tail end of earnings season continues with results from Alibaba, Ralph Lauren and Six Flags.
Sumber: www.cnbc.com
