SPY - Nasdaq S&P 500 Futures In Green As Traders Look Past Inflation Data; Analyst Singles Out Key Catalyst That Can Keep Year's Rally Going | Benzinga
With inflation data in the rearview mirror, traders could be prepping to resume buying ways, with stock index futures pointing to a higher opening on Thursday. The key catalysts that can sway the market include an interest rate decision across the Atlantic, the producer price inflation report, and retail sales data for August. Oil’s has resumed its climb after its modest retreat, and traders may also keep an eye on the earnings reports from Adobe Systems, Inc. (NASDAQ:ADBE) and homebuilder Lennar Corp. (NYSE:LEN).
Cues From Wednesday’s Trading:
Stocks closed mixed on Wednesday as traders digested the August inflation data, which came roughly in line with expectations. In line with expectations, the headline consumer prices index surged up 0.6% month-over-month, with higher energy prices contributing to much of the upside. Core consumer prices climbed 0.3%, slightly higher than the 0.2% uptick expected by economists.
The annual rate of core consumer prices cooled off from 4.7% in July to 4.3% in August.
The major indices opened higher in reaction to the data but pulled back by the first hour of trading, only to reverse course immediately after. After hovering above the unchanged line, the indices returned their gains in late trading before closing mixed. The Russell 2,000 Index languished below the unchanged line for much of the session, with the exception of some early strength.
The 30-stock Dow Industrials Average notched up its second straight session of losses, while the Nasdaq Composite and the S&P 500 Index rebounded from Tuesday’s losses.
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