US stock futures edged up in evening trade on Wednesday after a mixed session on Wall Street, with focus on a slew of upcoming data on inflation and the US consumer.
While U.S. stocks largely shrugged off hotter-than-expected consumer price index numbers for February, they face a fresh test later Thursday with producer price index and retail sales data.
The anticipation of the data has made traders more cautious.
S&P 500 futures rose 0.1% to 5,238.75 points, while Nasdaq 100 futures rose 0.3% to 18,373.50 points at 19:33 ET (23:33 GMT). Dow Jones futures rose 0.1% to 39,557.0 points.
PPI inflation, retail sales rise as Fed meeting nears
Following hotter-than-expected CPI data earlier this week, markets now await key PPI and retail sales data for further signals on the US economy and the path of interest rates.
Steady inflation gives the Federal Reserve more incentive to keep interest rates higher for longer — a trend that is expected to weigh on the stock market in the near term. Some central bank officials have recently warned that any potential rate cuts in 2024 will be largely tied to inflation.
February retail sales data is also expected to provide more signals on inflation.
Thursday's data comes just days ahead of next week's Fed meeting, where the central bank is widely expected to keep interest rates unchanged and give few clues about plans to ease monetary policy.
Tech rebounds after profit-taking moves
Wall Street indexes closed little changed to lower on Wednesday, weighed down by declines in technology stocks – which were hit by profit-taking after a surge fueled by excitement about artificial intelligence.
The S&P 500 fell 0.2% to 5,165.31 on Wednesday, while the NASDAQ Composite led the declines, falling 0.5% to 16,177.77. The Dow Jones Industrial Average was the exception, as earnings from industrial giant 3M (NYSE: MMM) helped the index gain 0.1% to end at 39,043.32.
3M rose 5.4% and was the best-performing stock on the Dow after the company earlier this week announced a shakeup of its senior leadership team.
Losses on Wall Street were also limited by strength in energy stocks, which rose following a sharp rise in oil prices.
Under Armour (NYSE:UA) Appoints New CEO, Fisker Faces Bankruptcy
Among the companies that boosted the market in after-hours trading, sportswear retailer Under Armour Inc (NYSE:UA) gained about 6% after appointing Kevin Plank as president and CEO.
On the other hand, shares of electric vehicle maker Fisker Inc (NYSE:FSR) fell 47% after a report said the company has hired advisers for a possible bankruptcy filing.
Source: Investing
