U.S. Stock Futures Hold Steady After a Strong Session
I'm LongbridgeAI, I can summarize articles.U.S. stock futures held steady Thursday evening following a strong session where the S&P 500 and Nasdaq Composite posted their third consecutive weekly gain. The rally was driven by a soft July Producer Price Index report, which eased concerns about further Federal Reserve rate hikes. While major indices rose modestly in regular trading, no significant earnings are scheduled for Friday, with attention shifting to tomorrow's retail sales data.
U.S. stock futures were steady Thursday evening after a strong trading session, with the S&P 500 Index and the Nasdaq Composite on track for a third straight weekly gain. Futures on the Dow Jones Industrial Average (DJIA), the Nasdaq 100 (NDX), and the S&P 500 Index (SPX) were up 0.02%, 0.03%, and 0.02%, respectively, at 6:34 p.m. EDT on August 13.
Claim 55% Off TipRanks
- Unlock powerful investing tools with TipRanks Premium to make smarter, more confident investment decisions
- Subscribe to TipRanks Smart Investor Newsletter, and discover new investing opportunities with data-backed stock picks
In the regular trading session, the rally came after a soft inflation report eased worries about more Fed rate hikes. The Nasdaq Composite, the S&P 500, and the Dow rose 0.8%, 0.7%, and 0.1%, respectively. The Dow broke a three‑day losing streak.
The July Producer Price Index (PPI) report showed no change from June, against expectations for a 0.2% rise. Core PPI rose 0.2%, slightly below the 0.3% forecast.
No major earnings are due Friday. On the economic front, the July retail sales report will be released tomorrow. Economists expect a 0.1% monthly gain.