Stock futures are flat on Thursday

Stock futures were flat in overnight trade after the Dow Industrial Average and S&P 500 closed nearly flat following a short-lived rally on the back of another positive inflation report.

Futures tied to the Dow Jones gained 24 points, or 0.07%, while S&P 500 and Nasdaq 100 futures rose 0.1% each.

Shares in Rivian fell in overnight trading after the electric car maker beat top and bottom line estimates but cut full-year guidance. Poshmark, Olo and Illumina shares traded lower after posting earnings results.

Thursday̵[ads1]7;s postmarket moves followed a confusing regular trading session that saw the major averages close flat or slightly lower after rallying earlier in the day following a better-than-expected July producer price index report.

The Nasdaq Composite fell 0.58% to close at 12,779.91, while the Dow added 27.16 points, or 0.08%, to end at 33,336.67 and the S&P closed 0.07% lower at 4,207 ,27.

Six of the 11 S&P 500 sectors ended the session lower, led by health care, which fell 0.71%. Energy closed up more than 3% on the back of higher crude oil and natural gas prices, helping to uncover the top of inflation history. Shares of Disney also rose nearly 5% after reporting strong subscriber numbers and top estimates last quarter.

“I think there’s profit taking today,” Sanctuary Wealth chief investment officer Jeff Kilburg said. “…We didn’t really have any pullback or erase any of the gains from the CPI [Wednesday]but we just had a bit of a volume find and a price find after this surprise one-two punch,” of better-than-expected CPI and PPI data.

On the economic front, data for import prices and consumer sentiment will be released on Friday.

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