Stock indices are showing a mixed performance in early trading despite a cooler-than-expected inflation report. The Nasdaq 100 (NDX) is down over 0.9%, while other indices are trading flat. The Core CPI, which excludes volatile energy and food prices, came in at 3.3% year-over-year and 0.1% month-over-month, slightly below economists’ expectations. This data could influence the Federal Reserve’s decision on interest rate cuts, with traders pricing in an 81.3% chance of a September rate cut.
In other news, the Department of Labor released a better-than-expected Initial Jobless Claims report, with 222,000 people filing for unemployment insurance for the first time, below expectations. Continuing Jobless Claims also came in lower than forecast at 1.852 million.
U.S. futures traded slightly lower as investors awaited the Consumer Price Index (CPI) data for June. The S&P 500 and Nasdaq Composite closed at record highs in the previous session, driven by gains in mega-cap tech stocks. Today, Delta Air Lines, PepsiCo, and Conagra Brands are set to release earnings reports.
In Asia-Pacific markets, indices traded higher on Thursday, boosted by AI chip stocks and expectations of U.S. interest rate cuts. Hong Kong’s Hang Seng index was up 2.06%, while Japan’s Nikkei and Topix indices also finished higher. China’s Shanghai Composite and Shenzhen Component indices ended the day in positive territory.
Overall, investors are closely watching economic data and corporate earnings reports for further insights into market trends.
