S&P 500 futures dipped early Thursday, partly due to rising oil prices. Traders are on alert as they await crucial inflation data.
Futures for the broad market index fell by 0.2%, while Nasdaq 100 futures dropped around 0.3%. The Dow Jones Industrial Average futures slipped by 62 points.
West Texas Intermediate crude oil futures surged by 1.8%, reaching over $90 a barrel. This uptick followed reports of U.S. military strikes in Iran, targeting a military site. Brent crude futures also rose nearly 2%, hitting $96.07.
In other news, Snowflake shares jumped 36% in extended trading after the company announced a $6 billion deal with Amazon Web Services over five years and reported better-than-expected quarterly earnings.
On Wednesday, the Dow reached new highs due to a decline in oil prices. Secretary of State Marco Rubio remarked that negotiations with Iran were progressing, emphasizing a diplomatic approach. However, President Trump stated he wouldn’t let Iran control the crucial Strait of Hormuz.
Iran claims it aims to restore shipping traffic through the Strait to prewar levels once an agreement is reached. The White House dismissed reports of a memorandum on this as “a complete fabrication.”
Investors are eyeing the April personal consumption expenditure price index, expected at 8:30 a.m. ET. This index is key as it’s the Federal Reserve’s preferred measure of inflation. Dow Jones economists predict a month-over-month increase of 0.5% and a year-over-year rise of 3.8%. Excluding food and energy, they foresee gains of 0.3% and 3.3%, respectively.
As of recent trends, many investors have been discussing inflation fears on social media, reflecting a growing concern over economic stability. With ongoing geopolitical tensions and changing market dynamics, it’s a critical time for investors and the wider economy.
For up-to-date financial insights and news, you can check reputable sources like Bloomberg or Reuters.
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