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Stock futures flat after S&P 500 hits new high, despite rising inflation

Stock futures flat after S&P 500 hits new high, despite rising inflation

FINANCE NEWS

Stock futures flat after S&P 500 hits new high, despite rising inflation

Traders at the New York Stock Exchange, June 2, 2021.Source: NYSEU.S. stock futures were flat early Friday morning after the S&P 500 hit a new high during regular trading, despite hotter-than-expected inflation data.Futures tied to the Dow Jones Industrial Average gained 21 points while S&P 500 and Nasdaq-100 futures were close to flat.During the regular session, the Dow Jones Industrial Average rose 19 points, or 0.06% to 34,466.24. The S&P 500 ended the day up 0.47% at 4,239.18. The Nasdaq Composite ended the day up 0.78% at 14,020.33.The Labor Department reported consumer price index data on Thursday, showing inflation is rising at its fastest pace since 2008 as the economy rebounds from the pandemic-related recession.The CPI represents a basket including food, energy, groceries and prices across a spectrum of goods, and jumped 5% in May from a year earlier.Markets shrugged off the news, however.”A significant degree of this inflation may prove transitory as nearly half of the above-average spike in inflation comes from the base effects of last year’s weakened economy and even supply shortages should prove transitory as companies increase productivity and begin to meet pent-up demand,” Jason Pride, CIO of private wealth at Glenmede.Separately, initial jobless claims for the week ended June 5 came in at 376,000 — the lowest tally of the Covid pandemic — according to a separate Labor Department report released Thursday.


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