Stock market today: S&P 500, Nasdaq futures point higher with key inflation data looming

08/13/2024 18:58
Stock market today: S&P 500, Nasdaq futures point higher with key inflation data looming

Investors are anxious for several economic datapoints this week, starting with inflation.

US stock futures mostly pointed higher Tuesday as Wall Street counted down to key inflation data. Futures tied to the S&P 500 (ES=F) were up 0.2%, while those on the tech-heavy Nasdaq (NQ=F) rose 0.3%. Dow Jones Industrial Average futures (YM=F) hovered just below the flatline.

Investors are anxious for several economic datapoints this week. Those kick off with the latest reading on consumer prices, which is due Wednesday morning. July's retail sales reading, a key indicator of the health of the US consumer, is set to follow on Thursday.

Wall Street is coming off an unusually boring day after more than a week of volatility. The S&P 500 and Nasdaq on Monday continued slowly building back toward the highs the indexes saw before a three-day sell-off wiped out a decent chunk of those year-to-date gains.

Home Depot (HD) was the most significant name on the earnings docket Tuesday. The home-improvement retailer's shares fell after it cut its outlook on comparable same-store sales for the rest of the year.

In other individual movers, Nvidia (NVDA) gained over 1% in premarket trading, building on a 4% gain on Monday as analysts at Bank of America named it a top "rebound" stock.

Shares of Trump Media (DJT) were down another 3% after former President Donald Trump returned to the X platform and participated in a live event with CEO Elon Musk. Shares are near their lowest-ever price levels since the company's March debut on the Nasdaq.

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