Dow futures were higher early Thursday after all major averages posted sharp gains on the back of a better-than-expected July inflation report.
Dow Jones futures added 0.29%, or 95 points, while S&P 500 futures and Nasdaq 100 futures rose 0.27% and 0.38%, respectively.
Disney Added 6.7% in late trade after posting stronger-than-expected subscriber numbers And tops in earning ratings on both the top and bottom lines. Shares Sonos fell more than 19% After falling short of analysts’ expectations.
All major indexes were up in the regular trading session on Wednesday, with the Dow Jones Industrial Average up 535.10 points, or 1.63%, to end at 33,309.51. The S&P 500 added 2.13% to 4,210.24 The highest level since early MayMeanwhile the Nasdaq Composite rose 2.89% to 12,854.80, its highest finish since late April.
The moves came after that The Consumer Price Index for July was 8.5%.That was slightly cooler than the 8.7% analysts polled by Dow Jones expected, and raised questions about whether inflation has peaked and whether the Federal Reserve should raise rates more aggressively than expected when it meets next month.
Beaten-up tech stocks that have borne the brunt of this year’s selloff led the market on Wednesday, as shares of MetaPlatforms and Netflix rose 5.8% and 6.2%, respectively. Crushed chip names such as Nvidia and Advanced Micro Devices rose nearly 6% and 4%, respectively.
“For today, we’re rallying, and I think it’s really because inflation is too much for investors and the market,” Lindsey Bell, Ally Invest’s chief markets and money strategist, told CNBC’s “Closing Bell” on Wednesday. “I think what investors are thinking today, maybe the peak was put in the past.”
Earnings season continues Thursday with reports from Rivian, Warby Parker, Boshmark and more. July producer price index data is also scheduled for Thursday.