US stock futures rose slightly on Wednesday evening as investors look forward to several economic reports due to be released in the morning.
Futures related to the Dow Jones Industrial Average rose 17 points, or 0.05%. S&P 500 futures rose 0.22%, and Nasdaq 100 futures rose 0.12%.
Earlier in the day, the major averages ended the choppy session slightly higher. The Dow closed slightly higher, by 30 points, after dropping more than 200 points at one point. The S&P 500 rose 0.3% and the Nasdaq Composite advanced 0.7%.
Stocks sought stability after a higher-than-expected inflation report on Tuesday sent them faltering, marking their worst day since 2020. Consumer Price Index Report Headline inflation showed a rise of 0.1% m/m, despite lower gas prices.
“It’s hard to extrapolate to one-day events,” Jeff Degraaf, founder and chairman of Renaissance Macro Research, said on CNBC’s “Closing Bell: Overtime.” “It’s one of those extreme events that has no follow-up and tends to be good news rather than bad.”
He added, “Inflation is really a dark cloud over stocks, but I think it’s really important for people to keep in mind that it’s not about the good and the bad in the markets, it’s about the best and the worst, and inflation seems to be getting better.”
Wednesday Product Price Index Report It showed a 0.1% drop in wholesale prices in August, which Degrave said gave him some relief.
Investors are looking forward to a batch of economic updates Thursday morning, including retail sales, import prices and unemployment claims, as well as the Philadelphia Fed’s manufacturing survey and the Empire State Manufacturing Survey — all at 8:30 a.m. ET.
“Reader. Infuriatingly humble coffee enthusiast. Future teen idol. Tv nerd. Explorer. Organizer. Twitter aficionado. Evil music fanatic.”