Equity futures rose early Friday after the Dow Industrial Average and S&P 500 closed nearly flat after a short-lived rally following another positive inflation report.
Futures pegged to the Dow Jones were up 45 points, or 0.14%, while the S&P 500 and Nasdaq 100 were up 0.17% and 0.25%, respectively.
Shares of Rivian fluctuated in overnight trading after the electric vehicle manufacturer beat the highest and lowest estimates, but lowered its full-year forecast. Poshmark, Olo and Illumina stocks traded lower after earnings results were released.
Thursday’s postmarket moves followed a mind-boggling regular trading session with key averages closing flat or slightly lower after rallying earlier in the day following a better-than-expected producer price index report for July.
The Nasdaq Composite fell 0.58% to close at 12,779.91 while the Dow added 27.16 points or 0.08% to end at 33,336.67 and the S&P closed 0.07% lower at 4,207.27.
Six of the 11 S&P 500 sectors ended the session lower, led by healthcare, which fell 0.71%. Energy closed more than 3% on higher crude oil and wet gas prices, helping to unravel the story of peak inflation. Shares of Disney were also up nearly 5% after reporting strong subscriber numbers and top estimates in the last quarter.
“I think there’s going to be profit taking today,” said Jeff Kilburg, Sanctuary Wealth’s chief investment officer. “…We didn’t really have a pullback or erase any of the gains from CPI [Wednesday]but we just had a bit of a volume discovery and a price discovery after this surprising “one-two” of better-than-expected CPI and PPI data.
On the economic front, import prices and consumer confidence data will be released on Friday.