On August 8, 2024, U.S. stock futures saw an uptick as investors braced for crucial inflation data later this week. Specifically, Dow Jones Industrial Average futures rose by 81 points, or 0.21%, while S&P 500 futures and Nasdaq 100 futures increased by 0.22% and 0.36%, respectively.
The regular trading session was marked by volatility, with the major indices struggling to maintain last week’s end-of-week rally momentum. The S&P 500 barely moved, recording a minimal gain of just 0.23 points. The Nasdaq Composite edged up slightly by 0.21%, whereas the Dow Jones Industrial Average dipped 0.36%.
Investor focus has shifted to upcoming inflation reports on consumer and producer prices, which are poised to bring clarity to an unpredictable market. This comes after last week’s turbulent period sparked by a less-than-inspiring jobs report and the unwinding of the yen carry trade.
Significantly, the major averages managed a robust recovery late last week following a dramatic selloff on Monday, marking the S&P 500’s worst performance since 2022. “The market became a bit oversold last week, but elements like the percentage of stocks above their 50-day moving average didn’t indicate a true washout,” Cameron Dawson, Chief Investment Officer at NewEdge Wealth, told CNBC’s “Closing Bell.”
Economists anticipate the producer price index (PPI), set to be released on Tuesday, to show a modest monthly increase of 0.2% in July, consistent with June’s data. Meanwhile, the consumer price index (CPI), expected on Wednesday, is predicted to rise by 0.2% following a 0.1% decline in the prior month.
Later this week, retail sales reports will also be under scrutiny. The recent jobs data has reignited concerns about slowing economic growth, putting consumer spending patterns under the microscope. Amidst all this, the corporate earnings season continues, with heavyweights like Home Depot set to report their results on Tuesday.
Original Story https://www.cnbc.com/2024/08/12/stock-market-today-live-updates.html
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