Stock futures flat after S&P 500 hits new high, despite rising inflation

Finance

Traders at the New York Stock Exchange, June 2, 2021.
Source: NYSE

U.S. stock futures were flat Thursday night after the S&P 500 hit a new high during regular trading, despite hotter-than-expected inflation data.

Futures tied to the Dow Jones Industrial Average and the S&P 500 were close to flat at the start of the overnight session. Nasdaq futures rose 0.1%.

During the regular session, the Dow Jones Industrial Average rose 19 points, or 0.06% to 34,466.24. The S&P 500 ended the day up 0.47% at 4,239.18. The Nasdaq Composite ended the day up 0.78% at 14,020.33.

The Labor Department reported consumer price index data on Thursday, showing inflation is rising at its fastest pace since 2008 as the economy rebounds from the pandemic-related recession.

The CPI represents a basket including food, energy, groceries and prices across a spectrum of goods, and jumped 5% in May from a year earlier.

Markets shrugged off the news, however.

“A significant degree of this inflation may prove transitory as nearly half of the above-average spike in inflation comes from the base effects of last year’s weakened economy and even supply shortages should prove transitory as companies increase productivity and begin to meet pent-up demand,” Jason Pride, CIO of private wealth at Glenmede.

Separately, initial jobless claims for the week ended June 5 came in at 376,000 — the lowest tally of the Covid pandemic — according to a separate Labor Department report released Thursday.

Products You May Like

Articles You May Like

Lumber prices soar 275% in the pandemic, shutting out homebuilders: CNBC After Hours
Why some families may want to opt out of the child tax credit payments starting in July
More than 2.3 million new stimulus checks have been sent. Here’s who will get the money
Megan Fox & Machine Gun Kelly shack up in $30K per month Airbnb
How bad are global shipping snafus? Home Depot contracted its own container ship as a safeguard

Leave a Reply

Your email address will not be published. Required fields are marked *