Stock futures rose early Friday after the Dow Industrial Average and S&P 500 closed broadly unchanged after a short-lived rally on another upbeat inflation report.
Futures linked to the Dow Jones were up 45 points, or 0.14%, while S&P 500 and Nasdaq 100 futures were up 0.17% and 0.25%, respectively.
Shares of Rivian teetered in overnight trading after the electric-vehicle maker beat sales and earnings estimates but lowered its full-year guidance. Poshmark, Olo and Illumina shares traded lower after releasing results.
Thursday’s post-market moves followed a confusing regular trading session that saw the major averages close flat or slightly lower after recovering earlier in the day following a better-than-expected July PPI report.
The Nasdaq Composite fell 0.58% to close at 12,779.91, while the Dow gained 27.16 points or 0.08% to close at 33,336.67 and the S&P 0.07% lower at 4,207.27.
Six of the 11 sectors in the S&P 500 ended the session lower, led by healthcare, which fell 0.71%. Energy closed more than 3% on higher crude oil and nat gas prices, which helped unravel the narrative of peak inflation. Disney’s shares also gained nearly 5% after reporting strong subscriber numbers and beating estimates last quarter.
“I think there’s profit-taking going on today,” said Jeff Kilburg, Sanctuary Wealth’s chief investment officer. “…We haven’t really had a pullback or erased any of the gains from the CPI [Wednesday]but after that surprise double whammy we only had a ‘volume and price discovery’ of better-than-expected CPI and PPI data.
On the economic front, import prices and consumer sentiment data are due on Friday.