Pre-Market Update: S&P 500 Eyes Record High as PPI Data and Earnings Take Center Stage
TLDR
- Dow, S&P 500, and Nasdaq futures rose Thursday ahead of the July Producer Price Index release
- Cisco (CSCO)andCerebras(CSCO) and Cerebras ( CBRS) beat earnings expectations but both sold off in extended trading
- Applied Materials ($AMAT) reports Thursday after gaining 190% over the past year
- CPI data showed inflation cooling to 3.4% in July, raising hopes the Fed holds rates in September
- Oil prices fell as the Trump administration shifts to an economic pressure campaign in the Middle East
Dow futures added 130 points, or 0.3%, on Thursday morning. S&P 500 futures climbed 0.2% and Nasdaq 100 futures edged up 0.1%, putting the S&P 500 within reach of a new closing record.
The gains follow a solid session Wednesday, when all three major indexes rallied on the back of strong tech earnings.
The big data point Thursday is the Producer Price Index for July, due at 8:30 a.m. Eastern. Economists expect wholesale inflation to come in at 4.9%, down from 5.5% in June.
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