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Equity futures flat after S & P 500 hit new highs despite rising inflation

New York Stock Exchange Trader, June 2, 2021.

Source: New York Stock Exchange

US stock futures were flat on Thursday night. S & P 500 Despite higher-than-expected inflation data, we hit new highs during normal trading.

The Dow Jones Industrial Average and futures associated with the S & P 500 were nearly flat at the start of the overnight session. Nasdaq futures rose 0.1%.

During a regular session, the Dow Jones Industrial Average averaged 19 points, or 0.06%, to 34,466.24. The S & P 500 ended the day at 4,239.18, up 0.47%. The Nasdaq Composite closed the day at 14,020.33, up 0.78%.

Labor Ministry reports consumer price index data on Thursday, inflation Rising at the fastest pace since 2008 As the economy recovers from a pandemic-related recession.

The CPI represents a basket containing prices for food, energy, groceries and various commodities, up 5% year-on-year in May.

But the market shrugged the news.

“Almost half of the above-average inflation surge was due to the fundamental effects of last year’s economic downturn, and even supply shortages became temporary as companies began to increase productivity and respond to stagnant demand. This should be, so a significant degree of this inflation can be temporary, “Jason Pride, CIO of Glenmede’s personal assets.

Separately, another Ministry of Labor report released Thursday reported that the first unemployment claims for the week ending June 5 were 376,000, the lowest aggregate for the Covid pandemic.

Equity futures flat after S & P 500 hit new highs despite rising inflation

Source link Equity futures flat after S & P 500 hit new highs despite rising inflation

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