Connect with us

News

Stock futures are little changed on Thursday evening: Live updates

Published

on

Traders work on the floor of the New York Stock Exchange (NYSE), May 3, 2023.

Brendan McDermid | Reuters

Stock futures were flat in overnight trading Thursday after markets rallied on the back of the latest IPO debut.

Futures connected to the Dow Jones Industrial Average added 32 points, or 0.09%. S&P 500 futures and Nasdaq-100 futures hovered near the flatline.

Adobe fell 1.6% in extended trading even after posting better-than-expected quarterly results. Lennar edged down 0.6% despite a top-and-bottom line beat. The newly debuted Arm Holdings added nearly 7% in after-hours action.

Advertisement

Stocks are coming off a winning session as Wall Street applauded a possible end to an extended technology IPO drought and assessed a fresh batch of economic data. The Dow jumped 331.58 points, or 0.96%, rising for the first time in three days and notching its best daily performance in over a month. The S&P 500 added 0.84%, while the Nasdaq Composite climbed 0.81%.  

Arm soared nearly 25% during its market debut Thursday. The stock opened above its $51 per share IPO price and closed at $63.59. Elsewhere, the headline producer price index grew 0.7% in August, coming in above economists’ expectations for 0.4%, per Dow Jones. However, the core PPI climbed by 0.2%, in line with estimates.

“Core inflation still seems to be trending in the right direction,” said Mona Mahajan, a senior investment strategist at Edward Jones. “I think that’s a positive given the Fed does tend to look at core inflation, and historically has looked at core inflation more rigorously. I also think of course today, specifically the Arm IPO and the successful IPO, really kind of lifted animal spirits a bit.”

All major S&P 500 sectors finished positive, led to the upside by real estate. Health care was the worst performer, eking out a 0.25% gain. U.S. crude oil prices jumped nearly 2% and rose above $90 a barrel for the first time since November.  

Stocks are headed for a winning week, with the Dow on pace for a nearly 1% gain and its second positive week in three. The S&P and Nasdaq have jumped about 1.1% and 1.2%, respectively, putting them on track for their third positive weeks in four.

Investors are looking ahead to another packed day for economic data. This includes a preliminary September Michigan sentiment reading, as well as import and export prices for August. Industrial and manufacturing production data for August are also due.

Source: CNBC

Advertisement

Follow us on Google News to get the latest Updates

Advertisement
Advertisement

Trending