Stock futures are slightly higher ahead of Friday’s session
Stock futures rose early on Friday after the Dow Industrial Average and the S&P 500 closed nearly flat after a brief rally on the back of another positive inflation report.
Futures tied to the Dow Jones gained 45 points, or 0.14%, while S&P 500 and Nasdaq 100 futures rose 0.17% and 0.25%, respectively.
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 higher crude and natural gas prices, helping to unravel the story of peak inflation. 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 a 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.