Stock futures rose slightly overnight Thursday after better than feared inflation data fueled a broad market rally.
Futures linked to the Dow Jones Industrial Average added 43 points, or 0.13%. S&P 500 and Nasdaq 100 futures rose slightly.
In regular trading, the major averages posted their biggest one-day highs since 2020. The Dow Jones jumped more than 1,200 points. The S&P is up 5.5%, and the Nasdaq Composite is up about 7.4%.
All indicators are fast paced for a winning week. The Dow is up 4% on a weekly basis, while the S&P and Nasdaq are on track to increase 4.9% and 6.1%, respectively. All three rates are also on track for a positive month.
The rally came after the Bureau of Labor Statistics reported a lower than expected height in consumer prices for October, giving investors hope that inflation may subside. US Treasury yields fell after the data was released, while technology stocks rose.
said Quincy Crosby, global chief strategist for LPL Financial. This does not indicate that the Fed’s mission to restore price stability is complete.
October CPI rose 0.4% for the month and 7.7% from a year ago. Estimates from Dow Jones were for a gain of 0.6% and 7.9%.
Investors are looking forward to preliminary consumer confidence data from the University of Michigan, due out at 10:00 AM ET.
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