Traders work on the floor of the New York Stock Exchange.
new york stock exchange
Stock futures traded near the flatline Thursday night as Wall Street awaited key inflation indicators.
Futures tied to the Dow Jones Industrial Average were little changed, as were S&P 500 futures. Nasdaq 100 futures rose less than 0.1%.
In after-hours trading, Costco Wholesale posted an earnings miss, falling 1%. In its fiscal fourth quarter, the warehouse retailer reported earnings of $5.29 per share on fourth-quarter revenue of $79.7 billion. Analyst estimates compiled by LSEG were for earnings of $5.08 per share and revenue of $79.97 billion.
Thursday’s session ended on a positive note, with the three major stock averages rising and the S&P 500 index closing at a new record for the third time this week. The NASDAQ Composite Index also recorded its fourth consecutive day of victory.
A series of economic indicators released on Thursday assured investors of the strength of the US economy. Initial jobless claims fell more than expected, indicating a strong labor market, while gross domestic product (GDP) ended up at an annual rate of 3% in the second quarter.
“The market is satisfied that the Fed is taking meaningful steps to realign policy,” said Jeffrey Roach, chief economist at LPL Financial.
Traders are awaiting the release of the August personal consumption expenditure price index, scheduled for Friday morning. The so-called PCE is the Federal Reserve’s preferred inflation measure, and policymakers and Wall Street alike are hoping for numbers that indicate a cooling trend. Economists expect headline PCE to rise at an annualized pace of 2.3%, or 0.1% month-on-month.
The three major indexes rose this week, with the S&P 500 up nearly 0.8% and the Dow Jones Industrial Average up 0.3%. The Nasdaq Composite Index is expected to rise about 1.4% since the beginning of the week.
