Traders work on the New York Stock Exchange trading floor during early trading on September 4, 2024 in New York City.
Michael M. Santiago | Michael M. SantiagoGetty Images
U.S. stock futures edged lower on Wednesday night as investors awaited more inflation and labor data after the release of August's consumer price index sparked market volatility.
Dow Jones Industrial Average Futures It fell 28 points, or 0.07%. S&P 500 Index Futures and Nasdaq 100 Futures fell 0.09% and 0.19% respectively.
Investors are enjoying a choppy session after late gains in technology stocks helped major benchmarks rebound from their lows. The S&P 500 ended the day 1.07% higher, despite falling 1% intraday, the first time this happened since October 2022.
At the same time, 30 stocks Dow Chemical After falling 743.89 points earlier in the session, the index rose 124.75 points, or 0.31%. The Nasdaq closed 2.17% higher, recovering from a loss of more than 1%.
Earlier in the day, stocks fell after August's consumer price index showed a rise in core inflation, which excludes volatile food and energy prices. The data spooked investors who were hoping the Federal Reserve would cut interest rates by 0.5 percentage point at its September 17-18 meeting.
“The inflation report we're seeing today confirms a trend that we've acknowledged over the past several months, that now the Fed – and I think it's appropriate to do so – is focusing less on inflation and more on economic growth, and that completely changes that. Lauren Goodwin, chief market strategist at New York Life Investments, said Wednesday on CNBC's “Closing Bell.”
“What that means is that good economic news right now – I would classify today's inflation report as relatively good news, a little stronger than we expected the market to be – that's going to be good news for the market,” Goodwin continued.
Wall Street is expected to release the August producer price index on Thursday. Economists polled by Dow Jones expected last month's headline and core numbers to increase 0.2%, up from 0.1% and 0.0% previously.
Dow Jones data shows initial jobless claims for the week ending September 7 are expected to fall to 225,000 from 227,000 the previous week.
In terms of profit, hook up Results are expected before the market opens on Thursday. adobe Results will be announced after the close.