Traders work on the floor of the New York Stock Exchange (NYSE) in New York, November 15, 2022.
Brendan McDermid | Reuters
Stock futures rose early on Wednesday as investors weighed another lighter-than-expected inflation report and looked ahead to retail sales data due out later.
Futures tied to the Dow Jones Industrial Average added 59 points, or about 0.18%. S&P 500 and Nasdaq 100 futures gained 0.16% and 0.19%, respectively.
All the major averages finished the regular trading session higher Tuesday, with the S&P 500 closing up 0.87% and the Dow adding 56.22 points, or 0.17%. The Nasdaq jumped 1.45% and is the only major average on pace to eke out slight gains for the week. The producer price index report, which measures wholesale prices, came in below expectations, which alleviated some of investors’ concerns around inflation.
Chinese technology stocks were among the best performers Tuesday, with the KraneShares CSI China Internet ETF gaining 9.56% for its best daily performance since March 16. Nine out of 11 S&P 500 sectors rose, led to the upside by communication services and information technology. Both health care and materials posted slight losses.
Stocks have staged a solid run following last week’s better-than-feared consumer price index report. The S&P 500 last week posted its best weekly stretch since June and all the major averages are on track to finish the month with gains.
Some investors say a near-term retreat is, however, on the horizon.
“In the short term, the market is very extended and overdue to pull back and digest the recent rally,” said Adam Sarhan, CEO of 50 Park Investments.
Retail sales due out Wednesday could offer another look at consumer behavior amid inflation. Earnings season also continues with reports from Target, Cisco and Nvidia.
