MARKET SNAPSHOT: U.S. Stocks In Holding Pattern After Record Run, As Inflation Update Grabs Spotlight
By Victor Reklaitis, MarketWatch
Economists expect a 0.3% rise for consumer price index
U.S. stock futures showed little change early Thursday, signaling the market may catch its breath after another round of records, though an inflation reading due before the open could provide a catalyst.
S&P 500 futures shed 1.45 points, or less than 0.1%, to 2,493.25, while Dow Jones Industrial Average futures lost 7 points to 22,105.00. Nasdaq-100 futures fell by 7 points, or 1.%, to 6,002.00.
On Wednesday, the S&P , Dow and Nasdaq Composite all gained between 0.1% and 0.2%, finishing at all-time closing highs for a second straight session .
"The S&P 500 continues to confound skeptical investors, as it adds to its above-average number of new highs," said Sam Stovall, CFRA's chief investment strategist, in a note. The benchmark has scored 33 record closes this year, more than twice the annual average since 1945.
Economic and political news: Readings for a consumer price index and weekly jobless claims are due at 8:30 a.m. Eastern Time, with economists polled by MarketWatch forecasting a 0.3% rise in August for the inflation gauge and 300,000 claims.
Check out:MarketWatch's Economic Calendar
The Federal Reserve "would love to see inflation picking up as the stagnating price growth has been an issue for the U.S. central bank," said Konstantinos Anthis, an analyst at ADS Securities, in a note.
"Analysts are expecting a bullish reading from the States today, and this would help the dollar extend its current uptrend."
Don't miss:Inflation data could give traders a surprise
The ICE U.S. Dollar Index was lower Thursday, but it has gained about 1% this week, paring its year-to-date loss to around 9.6%.
On the political front, President Donald Trump and top Democrats appear to be nearing a deal to give legal status to the children of illegal migrants, but also were disputing what they had agreed on so far. Trump tweeted early Thursday that (https://twitter.com/realDonaldTrump/status/908272007011282944) no deal had been reached yet, after Democrats late Wednesday said they had an agreement with him to enact protections for "Dreamers" in exchange for increased border security measures that do not include funding for a wall.
Other markets:European stocks mostly edged lower, while Asian markets largely closed with losses after weaker-than-anticipated data on China's industrial activity .
Oil futures traded higher, while gold futures were roughly unchanged.
U.K. stocks and the pound were little changed as investors braced for a Bank of England decision on interest rates expected at 7 a.m. Eastern.
Stocks to watch: Shares in Equifax Inc.(>> Equifax Inc.) fell 2% in premarket action, putting the credit-reporting company's stock on track to extend a huge selloff sparked by its disclosure last week of a massive data breach.
Lattice Semiconductor Corp.'s stock (>> Lattice Semiconductor Corp) rose 1% in thin premarket trading after Trump nixed a pending buyout of the chip company by a group of Chinese investment funds, citing national security concerns.
Shares in Oracle Corp.(>> Oracle Corporation) could see active trading as the software giant is due to post quarterly earnings after the close.