US Market: Stock Futures Climb Ahead of CPI Inflation Data
US Market- Stock Futures
The US Stock Futures are trading higher on Thursday early morning, as investors looked towards the CPI inflation reading for September after PPI inflation came hotter than expected on Wednesday.
The Dow Jones future is trading higher by 69 points or 0.20 percent while S&P 500 futures is up by 11 points or 0.25 percent. The Nasdaq futures index is also trading higher by 39.25 points or 0.26 percent at 1.15 p.m. IST or 3.40 a.m ET.
On Wednesday, the US stock market indexes closed higher, as investors ignored slightly higher-than-expected producer price index (PPI) data and looked ahead to the CPI inflation data due on Thursday. Dow Jones and S&P 500 gained 0.19 percent and 0.43 percent respectively while the tech-heavy Nasdaq gained 0.71 percent and closed above 50-day moving average for the first time since 14 September.
US Market Data Today
The Consumer Price Index (CPI) inflation report for September will be released at 8:30 AM ET on Thursday. Economists surveyed by Dow Jones have estimated a 0.3% MoM increase and a 3.6% rise from the previous year. Consumer Price Index (CPI) inflation was reported at 0.6 percent in August and 3.7 percent over the past year
Investors believe that the CPI inflation report for September will play a major role in the Fed’s decision to maintain or raise interest rates at its two-day meeting starting on Oct. 31.
The jobless claims numbers for the week ending Oct 7 will also be released on Thursday and are likely to impact the US markets. Along with this Federal Reserve’s official speech could give markets more insight into the interest rate hiking path.
The quarterly earnings will remain in focus on Thursday, Delta Air Lines and Walgreens Boots Alliance will release their quarterly results before the opening bell. While Fastenal and Domino’s Pizza will announce their quarterly results on Thursday.
Also read, Trade Setup for Thursday, 12 Oct 2023: Stock Market Today
US Markets on October 11: Dow Jones and Nasdaq Surge Despite Higher PPI Data
Happy Investing!!
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