Stock futures are flat after a 3-day winning rhythm for the Nasdaq

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on January 7, 2022.

Spencer Plot | Getty Images

The US stock futures traded flat overnight on Wednesday as the Nasdaq composite rose for a third session despite a red-hot consumer price index report.

The Dow Future gained only 20 points. The S&P 500 futures gained 0.05% and the Nasdaq 100 futures gained 0.04%.

Home builder’s share KB Home Hourly trading rose more than 6% after reporting better-than-expected earnings.

Wednesday, The CPI rose sharply despite the heavy impact of the inflation report. The Dow Jones Industrial Average rose nearly 38 points and the S&P 500 added 0.3%. The Nasdaq composite rose 0.2% for the third day in a row.

December Consumer Price Index, A major inflation measure, 7% increase, according to the department’s Bureau of Labor Statistics. On a monthly basis, CPI rose 0.5%. Economists had expected the consumer price index to rise 0.4 percent in December, and to grow 7 percent year-on-year, according to the Dow Jones.

The annual move was the fastest increase since June 1982.

“The stock hit a historically high inflation number sticker shock, but it was also widely expected and incredibly a non-event today,” said Ryan Detrick of LPL Financial. “What we’re excited about is the earnings season around the corner. We expect another solid performance from Corporate America, while it will also be an opportunity to stop focusing too much on the Fed and policy, but instead look under the hood and see how the economy really works.” “

The December Productivity Price Index, another measure of inflation, is then set to come out on Thursday morning.

Also on the data front, initial jobless claims for the week ending January 8 will be released at 8:30 a.m. Economists surveyed by the Dow Jones forecast 200,000 people filed for unemployment, down from 207,000 the previous week.

The fourth quarter earnings season begins this week with several major banks reporting on Friday before the bell.

Delta Air Lines will report Thursday morning. Wall Street expects Delta To keep earnings per share and revenue which is higher than the level of two years ago.

“The stock market is certainly weak in the near term of the bad PPI inflation report, but the earnings season is about to begin and given the strong economic growth in the fourth quarter, expect more evidence of solid company earnings to help keep calm down. Yes, “said Jim Paulsen, chief investment strategist at Leuthold Group.

For the week, the S&P 500 and Nasdaq are up 1.1% and 1.7%, respectively. The Dow has risen slightly since Monday.

.

Google News Follow 1
Stock futures are flat after a 3-day winning rhythm for the Nasdaq 2

Give a Comment

x