Traders on the floor of the New York Stock Exchange, June 30, 2023.
S&P 500 futures were flat Thursday after Wall Street notched its fourth straight day of gains. the broad market index notched a fourth-straight positive day. Traders also digested a Salesforce earnings beat.
Investors are coming off a positive session, with the S&P 500 ending Wednesday 0.4% higher. The Dow Jones Industrial Average added 37.57 points, or 0.11%. Meanwhile, the tech-heavy Nasdaq Composite gained 0.54%. It was the fourth winning day in a row for the three major averages.
These gains helped the major indexes trim their monthly losses. The Dow and S&P 500 are each lower by more than 1% in August, while the Nasdaq is off by over 2%.
Investors digested weaker-than-expected payrolls data and annual gross domestic product growth forecast that nevertheless suggested the Federal Reserve could soon be done hiking rates, boosting equities.
“If we think about the Fed, they’re looking at growth, they’re looking at jobs and inflation. And if all three are going in their direction, meaning in their favor, then you can make a case that the Fed is probably done with tightening,” Hightower’s Stephanie Link said on CNBC’s “Closing Bell” on Wednesday.
Traders are also awaiting July personal consumption expenditures data, an inflation gauge closely watched by the Fed. Economists polled by Dow Jones are expecting a year-over-year rise of 4.2% last month, up slightly from a 4.1% increase the previous month. Weekly jobless claims data will also be out Thursday morning.