HomeFinancial MarketsFutures Decline Following Latest Round of Inflation Data

Futures Decline Following Latest Round of Inflation Data

U.S. stock futures wavered on Thursday as investors reacted to the latest round of incoming inflation data. Producer price increases were lower than expected while investors continued to express concerns about the unstable banking sector.

Contracts on the Dow Jones Industrial Average fell 71 points, or 0.21%, while those on the Nasdaq Composite declined by about 0.24%. Futures on the S&P 500 rose by 0.02%.

Regional banking concerns rose as PacWest stocks crashed 20% during premarket trading. The Los Angeles-based lender disclosed in an SEC filing that its deposits declined by 9.5% in the first week of May.

Producer prices for April came in at 0.2% higher on a monthly basis and 2.3% higher on an annual basis. Both figures fell short of estimates, with economists expecting a 0.3% rise on a monthly basis and a 2.3% yearly rise.

These figures offset the positive Consumer Price Index data that was released on Wednesday, showing the slowest price rise over the last two years. Now, markets are pricing a 95% probability of an interest rate hike pause in June.

Zoom Tops Estimates, Raises Full-Year Forecast

Zoom Video Communications reported its earnings for the first quarter of 2024 on Monday and topped the estimates of Wall Street analysts. The communications...

Reddit Stock Jumps on the Back of Open AI Partnership

Social media platform Reddit announced earlier this week that it is partnering up with artificial intelligence start-up Open AI to improve the experience of...

Warren Buffett’s Berkshire Hathaway Reveals Its Secret Stock

For the past three regulatory filings, Warren Buffett’s Berkshire Hathaway has been keeping one of its stock holdings confidential. Now, the conglomerate revealed that...