Stock futures are flat after rate-cut hopes send market to new highs: Live updates

Stock futures were small changed successful overnight trading Thursday aft the marketplace surged to caller records arsenic investors took signs of weakening jobs and tame inflation to mean the Federal Reserve volition little involvement rates adjacent week.

Futures connected the Dow Jones Industrial Average were flat. S&P 500 futures and Nasdaq 100 futures were besides trading adjacent the flatline.

The blue-chip Dow popped much than 600 points Thursday, portion the S&P 500 gained 0.9% and the tech-heavy Nasdaq Composite precocious 0.7%. All 3 large averages closed astatine grounds levels, and the Dow closed supra 46,000 for the archetypal time.

The Consumer Price Index showed a month-to-month summation of 0.4% for August, hotter than the 0.3% that economists polled by Dow Jones were expecting. However, the index's 2.9% emergence connected a 12-month ground was successful enactment with expectations.

The usually important ostentation study was overshadowed by play jobless claims, which showed a astonishment leap to the highest level since October 2021. Workers filing for unemployment compensation for the week ended Sept. 6 accrued 27,000 to 263,000, much than the 235,000 full expected.

"Today's CPI study has been trumped by the jobless claims report," said Seema Shah, main planetary strategist astatine Principal Asset Management. "While the CPI study is simply a tad hotter than expected, it volition not springiness the Fed a infinitesimal of hesitation erstwhile they denote a complaint chopped adjacent week. If anything, the leap successful jobless claims volition inject a spot much urgency successful the Fed's determination making, with [Fed Chair Jerome] Powell apt signaling a series of complaint cuts is connected the way."

Futures markets are pricing successful a 4th percent constituent astatine the decision of Fed's Sept. 17 gathering with adjacent certainty, according to the CME FedWatch tool.

All 3 large averages are up astir 1.6% week to date. The S&P 500 is connected gait for its champion play show since aboriginal August and its fifth positive week successful six. The Nasdaq is connected way for its 2nd winning week successful a row, portion the Dow is poised to station its first positive week successful three.