AC:CC - Traders Prepare for Another Inflation Report Stocks Unchanged
Dow Jones Industrial Average futures traded near flat Friday as traders awaited wholesale prices data and mulled over July's consumer inflation report.
Futures for the blue-chip forged ahead 11 points to 35,262.
Futures for the S&P 500 dipped two points to 4,483.75
Futures for the NASDAQ faded 22.5 points, or 0.2%, to 15,178.75.
On a weekly basis, the S&P 500 is slated for a drop of 0.2% and the NASDAQ is bound for a decline of 1.2%. Both are on pace for their second straight losing week — a first for the tech-heavy NASDAQ since the conclusion of a four-week losing streak in December 2022. The Dow is an outlier of the three major averages, on track for a modest gain of 0.3%.
The producer price index July reading is slated for release at 8:30 a.m. ET. Economists polled by Dow Jones expect the report to show a 0.2% increase month over month.
The report comes a day after investors pored over July's consumer price index, which indicated prices rose by 3.2% on an annual basis. That was less than the consensus estimate of 3.3%. However, the core CPI, which excludes volatile food and energy costs, rose 4.7% from the prior year.
In Japan, markets were closed for holiday Friday, while in Hong Kong, the Hang Seng fell 0.9%.
Oil prices advanced 48 cents to $83.30 U.S. a barrel.
Gold prices gained $2.10 to $1,951.00 U.S. an ounce.