United States stock futures were little changed on Wednesday evening (Thursday AEST) as investors looked ahead to fresh economic data for further clues on the health of the economy, following another day of record-setting gains for the S&P 500 and Nasdaq Composite.
By 9:20 am AEST (11:20 pm GMT) Dow futures, S&P 500 futures, and Nasdaq 100 futures traded within a range of ±0.1%.
The cautious tone came as traders prepared for Thursday’s producer price index (PPI) report and weekly jobless claims data. Markets are expecting wholesale prices to have risen 0.2% in July, after being unchanged in June.
In extended deals, Cisco slipped 0.5% following fourth-quarter earnings that narrowly beat forecasts. The tech giant reported adjusted earnings per share (EPS) of 99 cents on revenue of US$14.67 billion, just above expectations of 98 cents per share and $14.62 billion in revenue,
Ibotta sank 23.8% after second-quarter earnings and revenue missed expectations. The company posted EPS of 8 cents on $86.03 million in revenue, versus estimates of 19 cents and $90.59 million.
Coherent also tumbled more than 18.5% despite posting stronger-than-expected quarterly EPS of $1.00 on revenue of $1.53 billion. Markets had expected 92 cents per share on $1.51 billion.
The semiconductor manufacturer also announced the $400 million sale of its aerospace and defence unit to Advent.
The subdued futures action followed another strong session on Wall Street, where the S&P 500 gained 0.3% and the Nasdaq added 0.1%, both closing at all-time highs for a second straight day. The Dow rose 463.66 points, or 1%.
This week’s rally has been underpinned by Tuesday’s softer-than-expected July consumer inflation report, which bolstered hopes of a Federal Reserve rate cut at its September policy meeting.
Beyond Thursday’s economic data, investors will also watch for corporate results from Deere and Coach owner Tapestry before the opening bell.
