A trader at the New York Stock Exchange. Stock futures saw a modest uptick Thursday morning as confidence grew among investors due to signs of easing inflation. Futures for the Dow Jones Industrial Average increased by 64 points, or roughly 0.16%, while S&P 500 futures rose 0.15%, and Nasdaq 100 futures gained over 0.3%.
Positive inflation data this week has largely dispelled recession fears, leading to a rebound in equities after last week’s significant global sell-off. In after-hours trading, Cisco Systems surged over 5% following its report of better-than-expected fiscal fourth-quarter earnings and revenue, alongside announcing global workforce cuts.
Investment managers made notable portfolio moves post-13F regulatory filings. Ulta Beauty shares soared more than 13.5% after Warren Buffett’s Berkshire Hathaway declared a new stake in the cosmetics firm. Nike shares saw a 3% increase as Bill Ackman’s Pershing Square announced a position in the company.
Wednesday saw stock rises driven by a consumer price index report, which indicated a slowing annual inflation rate of 2.9%—the lowest since 2021. This, combined with less-than-expected increases in wholesale inflation on Tuesday, has reassured investors of a potential economic soft landing and likely interest rate cuts by the Federal Reserve at its September meeting.
BlackRock’s global chief investment officer of fixed income, Rick Rieder, noted that the CPI report confirms a long-term trend of moderating inflation, bolstering confidence that the Federal Reserve will manage this mandate effectively.
Investors will closely monitor additional retail sales data set to release Thursday for further economic insights. Retail data and Walmart earnings, expected before the market opens, will put a spotlight on consumer spending.
Currently, the major U.S. indexes are trading above their Aug. 2 closing levels, recovering from the August 5 global market downturn driven by economic slowdown fears and the unexpected yen carry trade unwind. This week, the Dow is up 1.3%, the S&P 500 has added about 2%, and the Nasdaq has gained nearly 2.7%.
Original Story https://www.cnbc.com/2024/08/14/stock-market-today-live-updates.html
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