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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, May 10, 2023.
Brendan McDermid | Reuters
U.S. stock futures remained relatively flat on Wednesday night after the latest inflation data hinted at signs of a cooldown.
Dow Jones Industrial Average futures fell by 21 points, or 0.07%. S&P 500 rose just 0.01%, while Nasdaq-100 futures dipped 0.03%.
Market reactions were relatively muted during Wednesday’s main trading session. The tech-heavy Nasdaq Composite gained 1.04%, closing at 12,306.44. The S&P 500 inched up 0.45% to 4,137.64. Meanwhile, the Dow Jones Industrial Average ticked down 0.09% to end at 33,531,33.
The Consumer Price Index rose 4.9% in April from the previous year, which came below economists’ estimates of a 5% increase, according to Dow Jones. Meanwhile, month-over-month inflation of 0.4% came in-line with economists’ expectations.
“On the whole, inflation is gradually slowing but still far too high,” Comerica Bank’s chief economist Bill Adams wrote in a note. “Going forward, inflation expectations are the big upside risk to inflation. The longer inflation stays above the Fed’s target, the greater the risk that consumers and businesses begin expecting CPI to stay high long term.”
SoftBank is set to report earnings Thursday before the bell. Auto manufacturers Honda Motor and Nissan are also scheduled to report earnings Thursday morning.
Wall Street will also be keeping an eye on more economic data coming out. The weekly jobless claims numbers from the prior week will be announced, as well as the data from April’s Producer Price Index, which measures price changes in goods used by producers.
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