U.S. futures traded slightly lower on Thursday morning as investors awaited a crucial inflation report to gain insight into the Federal Reserve’s interest rate trajectory. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down by about 0.06%, 0.05%, and 0.06%, respectively, at 4:27 a.m. EST, July 11.
In yesterday’s trading session, both the S&P 500 and the Nasdaq Composite closed at a new record high and gained 1.02% and 1.18%, respectively. Further, the Dow Jones was up by 1.09%. The rally was fueled by gains in mega-cap tech stocks, such as Nvidia (NVDA), Apple (AAPL), Advanced Micro Devices (AMD), Microsoft (MSFT), and Alphabet (GOOGL).
Regarding today’s economic calendar, the Consumer Price Index (CPI) data for June is due for release at 8:30 a.m. EST. Economists expect the annual inflation rate to have declined for a third straight month to 3.1% in June 2024, the lowest since January, compared to 3.3% in May.
Moving to corporate earnings, Delta Air Lines (DAL), PepsiCo (PEP), and Conagra Brands (CAG) are slated to release results today.
Meanwhile, the U.S. 10-year treasury yield is up at the time of writing, floating near 4.29%. At the same time, WTI crude oil futures trended higher, hovering near $82.48 per barrel as of the last check.
Elsewhere, European markets opened higher today as investors looked ahead to the key U.S. inflation data due today.
Asia-Pacific Markets Traded Higher on Thursday
Asia-Pacific indices traded in the green today. A surge in artificial intelligence (AI) chip stocks and rising expectations for interest rate cuts by the U.S. central bank lifted investor sentiment across the region.
Hong Kong’s Hang Seng index was up 2.06%. Similarly, Japan’s Nikkei and Topix indices finished higher by 0.94% and 0.69%, respectively. Further, China’s Shanghai Composite and Shenzhen Component indices ended up by 1.06% and 1.99%, respectively.
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