U.S. stock futures traded mostly flat on Thursday, with the Dow industrials and S&P 500 set to hover near record highs, as investors watch for another catalyst to move markets higher. Weekly jobless claims and producer price data are ahead.

How are markets trading?

Dow Jones Industrial Average futures YM00 were up 0.1% to 35,415

S&P 500 index futures ES00 were unchanged at 4,441.25

Nasdaq-100 futures NQ00 slipped 0.1% to 15,004.

On Wednesday, the Dow industrials
DJIA,
+0.62%

closed up 220.30 points, or 0.6%, to finish at a record 35,484.97, after hitting an intraday, all-time high of 35,501.16. The S&P 500 index
SPX,
+0.25%

rose 0.3%, or 10.95 points, to close at a record 4,447.70, after establishing an intraday record at 4,449.44. The Nasdaq Composite Index 
COMP,
-0.16%

closed down 22.95 points, or 0.2%, at 14,765.14.

What’s driving the market?

Back-to-back records for the Dow and S&P 500 were fueled by data that showed consumer prices easing somewhat, with the index rising 5.4% from a year ago in July. That number was in line with June and lower than some predictions. Weekly jobless claims and producer prices for July are expected at 8:30 a.m. Eastern Time on Thursday.

But some investors might be wondering how high stocks can keep going, as they have been at or near new highs for a while, despite the rapid rise of new coronavirus cases across the U.S. and elsewhere, said Pierre Veyret, technical analyst at ActivTrades, in a note to clients.

“While some traders continue to ride this bullish wave, others have already started to hedge their portfolio against any potential decline, which explains the current rotation from growth stocks (tech shares) to cyclical values,” he said.

The International Energy Agency on Thursday downgraded its 2021 demand forecasts, blaming the delta coronavirus variant as a curb on oil that will be consumed this year. The IEA upgraded its 2022 forecast, however, saying demand should return to pre-pandemic levels midway through next year. Oil prices
CL00,
+0.06%

BRN00,
+0.14%

were little changed.

Investors will be watching for more news on COVID-19 vaccines, amid a report the Food and Drug Administration may authorize a third dose of Pfizer
PFE,
-3.90%

-BioNTech
BNTX,
-13.76%

and Moderna
MRNA,
-15.64%

shots for those with weakened immune systems. The emergency-use clearances could be announced as soon as Thursday, the New York Times reported late Wednesday.

Which companies are in focus?

EBay shares
EBAY,
+1.05%

are slipping in premarket after the online auctioneer’s earnings beat guidance, but there were signs economic reopenings have hurt growth late Wednesday.

NIO shares
NIO,
-0.57%

are slipping. The U.S.-listed China electric-auto maker reported a narrower-than-forecast quarterly loss late Wednesday.

Alibaba Group Holding shares
BABA,
-0.44%

are softer ahead of the Chinese multinational conglomerates earnings expected before the open.

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