Inventory futures are little modified following scorching inflation report

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Inventory futures have been barely greater Wednesday night after the most recent CPI knowledge confirmed inflation continues to be working scorching.

Futures tied to the Dow Jones Industrial Common added 17 factors, or 0.05. S&P 500 futures inched greater by 0.03%. Nasdaq 100 futures have been up by 0.01%.

Disney shares fell about 2% after hours regardless of sturdy earnings for its most up-to-date quarter. The corporate mentioned Covid is still weighing on its theme parks in Asia.

In common buying and selling, the Dow fell 326 factors, or 1.02%. The S&P 500 slipped 1.65% and the Nasdaq Composite dropped 3.18%.

The strikes got here as traders assessed the latest inflation data, which confirmed shopper costs in April jumped 8.3%, which was greater than anticipated and nonetheless working near their 40-year excessive of 8.5%. Analysts are blended on whether or not the information suggests inflation has hit a peak.

Whereas the market briefly turned constructive at one level within the session, the S&P 500 at one level touched a brand new 52-week low and finally closed at its lowest degree of the yr. The S&P 500 is greater than 18% off its excessive and down greater than 17% because the begin of the yr.

Inventory picks and investing developments from CNBC Professional:

Nonetheless, market bull Tom Lee of Fundstrat stays bullish on shares. He mentioned if the market finds its footing “we’re in a world of double digit anticipated returns.”

“This week is fascinating as a result of the inventory market declines have accelerated downwards, so the waterfall is accelerating however issues that usually would corroborate a waterfall decline like yields or the VIX haven’t been,” Lee informed CNBC’s “Closing Bell: Additional time.” “The bond market’s truly been fairly steady even within the face of a scorching CPI and the VIX truly has been falling.”

He famous that of the 16 occasions since 1940 that the market has declined 16% in a four-month interval, it was greater six months later in 12 of these occasions.

SoftBank is about to report earnings on Thursday morning earlier than the bell. Affirm, Poshmark and Toast are on deck after the bell.

In financial knowledge, traders shall be searching for the most recent on jobless claims, which shall be launched at 8:30. They’re additionally wanting ahead to recent knowledge on the producer worth index, which measures costs on the wholesale degree.

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