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Anticipation Builds in Wall Street Over Upcoming Inflation Data: Notable Market Moves
Anticipation Builds in Wall Street Over Upcoming Inflation Data: Notable Market Moves
Wall Street sees an uptick in stock futures today as the financial world eagerly awaits an important inflation data release that might influence the Federal Reserve's forthcoming decisions on interest rates.
Dow Jones Industrial Average futures experienced an ascent, registering a rise of 192 points or 0.6%. Meanwhile, futures associated with the S&P 500 and the Nasdaq-100 also saw enhancements of 0.6% and 0.7%, correspondingly.
An imminent consumer price index (CPI) release, scheduled for 8:30 a.m. ET, is currently the talk of the town. Predictions by Dow Jones economists indicate a potential 0.2% increase for July CPI from the previous month and a 3.3% surge year-over-year.
Sahak Manuelian, who spearheads equity trading at Wedbush Securities, mentioned that there's a general hope among Wall Street professionals to observe hints of disinflation in the soon-to-be-released CPI and the subsequent producer price index. "Based on current indicators, we anticipate a downward trend in the CPI and PPI data," Manuelian commented during a recent CNBC segment. "Market fluctuations around the 4450-4500 mark have been evident, but we foresee increasing disinflationary trends."
Other significant data releases slated for Thursday include initial unemployment claims and July's hourly earnings.
In corporate news, Disney announced a 1.4% rise, fueled by an impending price increase for its ad-free Disney+ service and better-than-anticipated third-quarter earnings per share. Wynn Resorts also witnessed a nearly 2% jump due to robust quarterly results. On the flip side, Six Flags reported weaker earnings, pushing its shares down by 3.5% during pre-market trading.
Reflecting on recent market dynamics, the Dow closed lower by roughly 191 points or 0.54% in the last session. Concurrently, the S&P 500 and the Nasdaq Composite also experienced declines, recording drops of 0.7% and 1.17%, respectively.
Meanwhile, on the global front, European stocks exhibited a positive start to their trading day. The broad Stoxx 600 index nudged up by 0.4%, with insurance stocks leading the rally.
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