Stock market holds near record highs as investors await inflation data
Stock futures Thursday hovered near all-time highs as investors weighed fresh inflation data and its impact on potential interest rate cuts from the Federal Reserve. The S&P 500 and Nasdaq both closed at record levels Wednesday, powered by a cooler-than-expected inflation report.
Stock futures flat ahead of PPI report
- S&P 500 futures and Nasdaq 100 futures traded flat Thursday morning.
- Dow Jones futures edged up 14 points.
- Producer Price Index (PPI) and weekly jobless claims data are due at 8:30 a.m. ET.
- Economists expect PPI to rise 0.2% for July.
According to CFRA Research’s Sam Stovall, the market is in “easing expectation mode” after this week’s CPI report. Even if PPI shows a slight uptick, investors appear focused on the potential for a Fed rate cut in September.
Record highs for S&P 500, Nasdaq
- S&P 500 rose 0.3% Wednesday
- Nasdaq Composite added 0.1%
- Both closed at fresh record highs
Investors are increasingly optimistic that the Fed may pivot away from tight monetary policy, especially with inflation cooling and economic growth showing signs of stability.
Corporate earnings: Mixed moves
Deere & Co. shares dropped over 6% in premarket after offering weaker-than-expected full-year guidance, projecting net income of $4.75 to $5.25 billion—below prior estimates of $5.5 billion.
Cisco shares slipped after hours following a narrow Q4 beat.
Ibotta plunged 23% after missing earnings targets.
Coherent fell 18% despite beating estimates, citing the sale of its defense division.
Crypto surges: Bitcoin hits $123K
Cryptocurrencies continued their rally with Bitcoin touching an all-time high of $123,693.
- Ether also climbed, nearing its 2021 peak.
- Crypto exchange Bullish doubled its IPO price, debuting at $90 and closing at $68—an 84% day-one gain.
The strong performance reflects rising institutional adoption and regulatory clarity, fueling renewed confidence in the digital asset space.
Global markets: Asia ends mixed
- Hong Kong’s Hang Seng: ↓ 0.37%
- China’s CSI 300: Flat
- South Korea’s Kospi: Flat
- Japan’s Nikkei 225: ↓ 1.45%
- Australia’s ASX 200: ↑ 0.53%
- India’s Nifty 50: ↑ 0.12%
Markets remain volatile overseas as traders weigh U.S. data alongside local growth concerns.