Stock futures rise slightly ahead of a fresh batch of economic data

U.S. stock futures were slightly higher on Wednesday night as investors looked forward to more economic reports scheduled for tomorrow.

Futures tied to the Dow Jones Industrial Average rose 17 points, or 0.05%. S&P 500 futures rose 0.22%, and Nasdaq 100 futures rose 0.12%.

Earlier in the day, the major averages ended a choppy session on a modestly higher note. The Dow closed slightly higher, up 30 points, after falling more than 200 points at one point. The S&P 500 rose 0.3 percent, and the Nasdaq Composite rose 0.7 percent.

Stocks sought stability after a warmer-than-expected inflation report on Tuesday sent them tumbling to post their worst day since 2020. August’s consumer price index report showed headline inflation rose 0.1% on a monthly basis, despite a drop in gas prices.

“One-day events are hard to extrapolate,” Jeff deGraaf, founder and chairman of Renaissance Macro Research, said on CNBC’s “Closing Bell: Overtime.” “It’s one of those extreme events that has no follow-up and tends to be good news, not bad.”

“Inflation is really a dark cloud over stocks, but I think it’s really important that people remember that it’s not about good and bad in the markets, it’s about better and worse,” he added, “and it seems that inflation is getting better.”

Wednesday’s producer price index report showed a 0.1% drop in wholesale prices in August, which deGraaf said gave him some comfort.

Investors look forward to a slew of economic updates Thursday morning, including retail sales, import prices and jobless claims, as well as the Philadelphia Fed manufacturing survey and the Empire State manufacturing survey — all at 8:30 a.m. ET.

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