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Stock futures rise slightly after S&P 500 posts biggest one-day rally since 2020




Looking ahead, we can't get too exuberant just yet, says New Street's Delano Saporu

Stock futures were slightly higher on Thursday night after better-than-expected inflation data led to a broad market rally.

Futures tied to the Dow Jones Industrial Average returned 43 points, or 0.13%. S&P 500 futures and Nasdaq 100 futures were marginally up.

In regular trading, the major averages posted their biggest one-day rallies since 2020. The Dow jumped more than 1,200 points. The S&P rose 5.5 percent, and the Nasdaq Composite rose 7.4 percent.

All indices are on pace for a winning week. The Dow is up 4% on a weekly basis, while the S&P and Nasdaq are on pace with increases of 4.9% and 6.1% respectively. The three averages are also related to a positive month.

The rally came after the Bureau of Labor Statistics reported a smaller-than-expected increase in consumer prices for the month of October, giving investors hope that inflation may cool. US Treasury yields plunged after the data release, while technology stocks rose.

“Markets across the board are euphoric after the cooler CPI this morning … But today’s CPI report, while indicating that inflation is moving in the right direction, does not suggest that inflation has been unrooted from the broader economy,” said Quincy Krosby, Chief Global Strategist for LPL Financial. “And it does not suggest that the Fed’s job of restoring price stability is complete.”

October’s CPI increased 0.4% for the month and 7.7% from the previous year. Respective estimates from Dow Jones were for gains of 0.6% and 7.9%.

Investors look ahead to preliminary consumer sentiment data from the University of Michigan, due at 10:00 a.m. ET.



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