Stock market today: Dow, S&P 500, Nasdaq futures trade flat as Fed rate cut bets surge after inflation data
Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) hovered around the flatline.
In day trading, stocks roared after the release of the July CPI report, with the S&P 500 and Nasdaq both touching new records. Though the data showed inflation had ticked up, it increased by less than expected. The results boosted bets the Fed would cut interest rates at its September policy meeting, especially in light of recent warnings signs the labor market is weakening.
In after-hours trading, Circle (CRCL) sank after the company announced it would sell 10 million shares on the heels of its first earnings report since its explosive public debut. Cava (CAVA) shares also dove after the company issued its first annual sales growth target cut. CoreWeave (CRWV) saw losses too despite beating revenue estimates on strong demand for AI.
Later this week, investors will get two more snapshots on the state of the economy with the release of the Producer Price Index on Thursday and retail sales data on Friday.
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