S&P 500 futures held steady early Thursday as traders waited on July producer price data, a day after an in-line consumer inflation print pushed the index to its first higher close in three sessions. Earnings added to the mix: CoreWeave's post-earnings surge lifted tech sentiment, while Cisco, Cerebras and Coherent all slid after their results fell short.
Dow Jones Industrial Average futures traded just under the flatline early Thursday. S&P 500 futures were little changed, while Nasdaq-100 futures added 0.12%.
Traders await PPI after in-line CPI
The July reading of the U.S. producer price index, which gauges what wholesalers pay for raw goods and materials, is set for release Thursday at 8:30 a.m. ET. Economists polled by Dow Jones expect an increase of 0.2% from the prior month.
That report comes a day after an in-line reading on the consumer price index. CPI for July increased 0.1% month over month, matching expectations. The tame report gave the S&P 500 a boost, with the benchmark closing higher for the first time in three sessions, and it led traders to pare expectations for a rate hike in September.
According to Interactive Brokers: "the odds favor a rate increase in either October or December", senior economist José Torres said. Investors will get another data point Friday, when July retail sales are due; economists expect growth of just 0.1% last month.
Tech earnings split investor reaction
Wall Street also got a boost after CoreWeave and other tech companies soared following their earnings. Traders spent Thursday assessing a slew of corporate results released after Wednesday's close.
Not every report impressed, however. Cisco Systems traded lower by almost 4%, while Cerebras and Coherent shed 15% and about 3%, respectively, after their results failed to satisfy investors.
Source: CNBC
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