Stock market futures fell slightly on Thursday morning, with major companies such as Salesforce.com, Snowflake, and Marathon Digital releasing earnings. The core PCE price index, a key measure of inflation favored by the Federal Reserve, is also on the agenda for the day.
The stock market showed minor losses on Wednesday, with key indexes consolidating near highs ahead of the inflation data release on Thursday. Bitcoin prices continued to rise dramatically, reaching over $64,000 but then falling back to $60,312.44. Several software companies reported earnings after the close, including Nutanix, Okta, Duolingo, and C3.ai, while Marathon Digital and Pure Storage also released results.
Economists are expecting the core PCE price index to increase by 0.4%, with overall PCE inflation slowing to 2.4% year-over-year. Despite strong economic data and persistent inflation, Fed officials have hinted at possible rate cuts later in the year. Dow Jones futures were down 0.3% in early trading, with S&P 500 and Nasdaq futures also showing declines.
The stock market rally retraced slightly on Wednesday, with the Dow Jones, S&P 500, and Nasdaq indexes all posting losses. U.S. crude oil prices dipped slightly, while the 10-year Treasury yield remained near recent highs. Among exchange-traded funds, growth ETFs dipped slightly, while sector-specific ETFs showed mixed performances.
Overall, the market is in a holding pattern, with few buying opportunities available. Investors should stay engaged, have exit strategies ready, and be prepared for potential market swings based on economic data and corporate earnings. Make sure to stay informed with daily market updates and analysis to make the most of investment opportunities.
