Wall Street is coming off a choppy session, after a late-day advance in tech shares helped the major benchmarks rebound from their lows.
U.S. stock futures inched lower Wednesday night as investors brace for more inflation and labor data, following a volatile session spurred by the release of the August consumer price index.Investors are coming off a choppy session, after a late-day advance in tech shares helped the major benchmarks rebound from their lows. Theended the day higher by 1.07%, even after falling 1% on an intraday basis — a first for the broader index since October 2022.
"The inflation report that we saw today is confirming a trend that we've acknowledged over the past couple of months, where now that the Fed is — and I think appropriately so — focused less on inflation and more on economic growth, that completely changes market reactivity," Lauren Goodwin, chief market strategist at New York Life Investments, told CNBC's"
"It means that now good economic news — and I would include today's inflation report as relatively good news, a little stronger than the markets we're expecting — that's going to be good news for the market," Goodwin continued.Wall Street is anticipating the release of the August producer price index on Thursday. Economists polled by Dow Jones anticipate a rise of 0.2% last month in the headline and core readings, up from 0.1% and 0.0% previously.
Initial jobless claims data for the week ending Sept. 7 is also on deck, and is expected to have slid to 225,000, down from 227,000 the previous week, according to Dow Jones.Dow Jones Industrial Average futures fell by 28 points, or 0.07%. S&P 500 futures and Nasdaq 100 futures dipped 0.09% and 0.19%, respectively.
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