May 22, 2024


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Dow futures rose after market rally on Wednesday

Dow futures rose after market rally on Wednesday

Dow futures rose during overnight trading on Wednesday after all major averages posted sharp gains on the back of a better-than-expected July inflation report.

Futures linked to the Dow Jones Index rose 0.27%, or 89 points, while the S&P 500 and Nasdaq 100 futures rose 0.26% and 0.38%, respectively.

Disney Added 6.7% in late trading after posting stronger-than-expected subscriber numbers Earnings estimates are topping at the top and bottom of the lines. shares Sonos slipped more than 19% After losing analyst forecasts.

Wednesday’s regular trading session saw all major indices rise, with the Dow Jones Industrial Average jumping 535.10 points, or 1.63%, to close at 33309.51. The S&P 500 rose 2.13% to 4210.24 and hit it Highest level since early MayWhile the Nasdaq Composite rose 2.89% to 12854.80, its highest close since late April.

The moves came after The headline CPI for July came in at 8.5%slightly cooler than the 8.7% forecast by analysts polled by Dow Jones, raised questions about whether inflation has peaked and the Federal Reserve will need to raise interest rates as aggressively as expected when it meets next month.

The battered tech stocks that have borne the brunt of this year’s sell-off led the market rally on Wednesday with Meta Platforms and Netflix shares jumping 5.8% and 6.2%, respectively. Affected chip names such as Nvidia and Advanced Micro Devices jumped nearly 6% and 4%, respectively.

“Today, we’re going up, and I think it’s really because inflation has been a huge drag for investors and the market,” Lindsey Bell, chief financial and markets analyst at Ally Invest, told CNBC on Wednesday. “And I think what investors are thinking today may have peaked already in the past.”

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Earnings season continues Thursday with reports from Rivian, Warby Parker, Poshmark, and more. PPI data for July is also due on Thursday.