Dow futures rise as cooling inflation drives rally
By Oliver Gray
Investing.com - U.S. stock futures were trading higher during Thursday's evening deals, after major benchmark indices posted their best daily advances since 2020 as weaker-than-expected CPI data boosted bets for less aggressive rate hikes from central bank policymakers going forward.
By 18:40 ET (23:40 GMT) Dow Jones Futures were up 0.1%, while S&P 500 Futures and Nasdaq 100 Futures were up 0.2% apiece.
In extended deals, Compass Inc (NYSE:COMP) fell 1.7% after reporting Q3 losses of $0.36 per share, greater than expected losses of $0.30 per share, while revenue came in at $1.49 billion versus $1.46B expected.
Figs Inc (NYSE:FIGS) fell 7% after the company reported Q3 EPS of $0.02, in-line with expectations, while revenue was reported at $128.6 million versus $124.85M expected.
Toast Inc (NYSE:TOST) lifted 7.6% after reporting Q3 losses of $0.19, greater than expected losses of $0.08. revenue came in at $752M versus $718.47M expected.
Ahead in Friday’s session, investors will be looking toward preliminary University of Michigan consumer sentiment data.
During Thursday's regular trading,the Dow Jones Industrial Average added 1201.4 points or 3.7% to 33,715.4, the S&P 500 gained 207.8 points or 5.5% to 3,956.4, and the NASDAQ Composite lifted 761 points or 7.4% to 11,114.2.
On the data front, Consumer Price Index data came in at 7.7% year-on-year versus expectations of 8%, declining for the 5th consecutive period and cooling from last month’s reading of 8.2%. Meantime, Initial Jobless Claims came in at 225K, above expectations of 220K and higher than 218K recorded in the previous period.
On the bond markets, United States 10-Year rates fell to 3.811%.
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