Traders work on the floor of the New York Stock Exchange (NYSE) on May 10, 2023 in New York City.
Brendan McDermid | Reuters
U.S. stock futures were relatively flat on Wednesday evening after the latest inflation data hinted at signs of cooling.
Dow Jones Industrial Average futures were down 15 points, or 0.04%. The S&P 500 rose 0.04%, while Nasdaq 100 futures edged up 0.01%.
Market reaction was relatively muted during Wednesday’s main trading session.High technical content Nasdaq Composite Index Up 1.04% to end at 12,306.44.this S&P 500 Index It edged up 0.45 percent to 4,137.64. at the same time, Dow Jones Industrial Average fell 0.09% to close at 33,531,33.
The consumer price index rose 4.9% in April from a year earlier, according to Dow Jones data, below economists’ expectations for a 5% gain. Meanwhile, month-on-month inflation was 0.4%, in line with economists’ expectations.
“Overall, inflation is gradually easing but remains too high,” Bill Adams, chief economist at Comerica Bank, wrote in a note. “Looking ahead, inflation expectations are the biggest upside risk to inflation. The longer inflation remains above the Fed’s target, the greater the risk that consumers and businesses will begin to expect CPI to remain high for a prolonged period.”
SoftBank is scheduled to report earnings before the bell on Thursday. Automakers Honda and Nissan are also scheduled to report earnings Thursday morning.
Wall Street will also be watching for more economic data coming out. Weekly jobless claims for the previous week will be released, along with data on April’s producer price index, which measures changes in prices of goods used by producers.