Following a brief rise on the basis of yet another strong inflation data, the Dow Industrial Average and S&P 500 finished almost flat, while Stock futures eked out a little gain early on Friday. S&P 500 and Nasdaq 100 futures both increased by 0.17% and 0.25%, while Dow Jones futures advanced 45 points, or 0.14%.
After Rivian met top- and bottom-line expectations but cut its full-year projection, the electric car manufacturer’s Stock price fluctuated during overnight trade. After reporting profits, shares of Poshmark, Olo, and Illumina declined. Following a perplexing regular trading session on Thursday that saw the main averages climb earlier in the day after a better-than-anticipated producer price index report for July, the postmarket actions came after a confusing regular trading session.
Jeff Kilburg, the chief investment officer of Sanctuary Wealth, said, “I think there’s profit taking today. After this unexpected “one-two punch” of better-than-expected CPI and PPI data, “we didn’t really have a retreat or didn’t reverse any of the gains off of CPI [Wednesday],” but rather we “just sort of had a bit of a volume discovery and a price discovery. “Import prices and consumer sentiment statistics are slated to be released on Friday in the economic front.