Stock futures are higher ahead of Friday’s session


Stock futures rose early Friday after the Dow Industrial Average and S&P 500 closed nearly flat after a short-lived rally following another positive inflation report.

Dow Jones-linked futures added 173 points, or 0.52%, while S&P 500 and Nasdaq 100 futures rose 0.58% and 0.61%, respectively.

Rivian shares tumbled in trade overnight after the electric vehicle maker topped high and low estimates but cut its full-year guidance. Poshmark, Olo and Illumina shares traded lower after reporting results.

Thursday’s post-trade moves followed a bewildering steady trading session that saw major averages close flat or edge lower after rebounding earlier in the day on the back of a price index report. production better than expected for July.

The Nasdaq Composite fell 0.58% to close at 12,779.91, while the Dow Jones added 27.16 points, or 0.08%, to end at 33,336.67 and the S&P closed lower. by 0.07% to 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 more than 3% higher on higher crude and natural gas prices, helping to unravel the narrative of peak inflation. Shares of Disney also rose nearly 5% after reporting strong subscriber numbers and beating estimates in the last quarter.

“I think there’s some profit taking today,” said Jeff Kilburg, chief investment officer of Sanctuary Wealth. “…We haven’t really had a pullback or erased any of the CPI gains [Wednesday]but we just had some kind of volume and price discovery after this surprising punch”, better than expected CPI and PPI data.

On the economic front, import prices and consumer sentiment data are expected to be released on Friday.


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