Stock futures rose Wednesday as investors weighed in on a lighter-than-expected inflation report and ahead of retail sales data.
Futures tracking the Dow Jones Industrial Average added 55 points, or about 0.2%. S&P 500 and Nasdaq 100 futures were up 0.2% and 0.1% respectively.
The major averages rose on Tuesday, with the S&P 500 up 0.87% and the Dow up 56.22 points (0.17%). The Nasdaq jumped 1.45%, the only major average to record a slight gain for the week. The Producer Price Index report, which measures wholesale prices, was weaker than expected, alleviating some investors’ concerns about inflation.
Chinese tech stocks were the best performers on Tuesday, with the KraneShares CSI China Internet ETF up 9.56% for its best daily performance since March 16. Nine of the 11 sectors in the S&P 500 rose, with telecom services and information technology gaining. Both healthcare and materials recorded slight losses.
Stocks performed better after last week’s consumer price index report was better than feared. Last week the S&P 500 posted its highest weekly gain since June and all major averages are set to end the month higher.
But some investors say a short-term setback is on the horizon.
50 Park Investments CEO Adam Sarhan said:
Wednesday’s scheduled retail sales could offer another look at consumer behavior amid inflation. Earnings season continues with reports from Target, Cisco, and Nvidia.