U.S. stock futures were steady on Thursday morning as the post-election rally began to lose momentum. Futures on the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) were up 0.07% and 0.04%, respectively, at 3:38 a.m. EST, November 14, while the Nasdaq 100 (NDX) futures were down 0.02%.
In the previous trading session, major indices saw a mixed performance. The Dow Jones closed slightly higher, up 0.11%, while the S&P 500 gained a modest 0.02%. However, the Nasdaq Composite was down 0.26%.
The market’s performance was influenced by the October Consumer Index (CPI) data. While the inflation data met expectations, it also indicated that the central bank may need to maintain a hawkish stance.
In major news, Super Micro Computer (SMCI) declined 6.3% yesterday, after the company said it would not submit its fiscal first-quarter results on time. Also, Rocket Companies (RKT) was down 9.1% on weak Q3 results and soft guidance. In contrast, streaming giant Spotify (SPOT) gained 11.4% after reporting better-than-expected third-quarter results.
Moving to key economic reports, investors are looking forward to the release of the wholesale inflation data represented by the Producer Price Index (PPI). Experts predict that core PPI will rise 0.3% in October, compared to 0.2% in September. Additionally, Fed Chair Jerome Powell is set to deliver a speech in Dallas later today.
On the earnings front, Walt Disney (DIS), JD.com (JD), Applied Materials (AMAT), AST SpaceMobile (ASTS), and NetEase (NTES) will release their quarterly numbers today.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.467%. At the same time, WTI crude oil futures trended lower, hovering near $68.4 per barrel as of the last check.
Elsewhere, European markets opened slightly higher today as investors weighed the possibility of another Fed interest rate cut in December, following the release of the latest U.S. inflation data.
Asia-Pacific Markets Traded Lower on Thursday
Asia-Pacific indices closed in the red today as traders evaluated the latest U.S. CPI data and its influence on the interest rate trajectory.
At the time of writing, Hong Kong’s Hang Seng index was down 1.96%. Moreover, Japan’s Nikkei and Topix indices finished lower by 0.48% and 0.27%, respectively. Also, China’s Shanghai Composite and Shenzhen Component indices fell 1.73% and 2.83%, respectively.
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