U.S. stocks could open Thursday’s session modestly higher after the remarkable recovery they staged in the previous session. The spotlight is on the producer price inflation report for August as traders seek confirmation regarding a sustained downward move in inflation, and the weekly jobless claims report may also create some ripples. The market may also focus on an interest rate decision from across the Atlantic. The European Central Bank is widely expected to reduce rates and kickstart a coordinated cut by the global central banks amid a letup in inflation and growth slowdown. That said, some negative tidings from the tech space could lead to some selling.
Futures
Performance (+/-)
Nasdaq 100
+0.10%
S&P 500
+0.14%
Dow
+0.16%
R2K
+0.48%
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE: SPY gained 0.22% to $555.64 and the Invesco QQQ ETF (NASDAQ: QQQ) rose 0.16% to $469.37, according to Benzinga Pro data.
Cues From Last Session:
Wall Street ended higher on Wednesday – a session marked with volatility in which the 30-stock Dow Jones Industrial Average moved in a 910-point range. After starting lower in reaction to what was perceived as a not-so-benign August consumer price inflation report and presidential debate held overnight, the averages fell further in early trading.
Positive comments on the potential of artificial intelligence technology by Nvidia Corp. (NASDAQ:NVDA) CEO Jensen Huang at an industry conference kicked off a rally in the technology space and the broader market. IT stocks soared, leading the market higher, while communication services and consumer discretionary stocks also found buying interest. Defensive consumer staples and real-estate stocks ...
