October 6, 2022

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Stock futures gain as S&P 500 heads for 4th straight week on hopes inflation will peak

Stock futures gain as S&P 500 heads for 4th straight week on hopes inflation will peak

Stock futures rose on Friday as the S&P 500 index headed for its fourth consecutive positive week on hopes that inflation would peak.

Dow futures rose 115 points, or 0.4%, S&P 500 futures rose 0.4%, and Nasdaq 100 futures rose 0.5%.

The S&P 500 rose 1.5% during the week, helped by a rally earlier in the week after a softer-than-expected consumer price report. This will be the longest streak of weekly gains for the S&P 500 since November 2021. A report later in the week on wholesale prices confirmed speculation that the inflation trend may turn downward, which could eventually slow the Fed’s violent tightening campaign. .

The Dow is up 1.6% this week, while the Nasdaq Composite is up 1%. As for the Nasdaq, it is also the fourth positive week in a row.

“The flow of fundamental news remains bullish, with the economy entering a period of inflation while earnings and growth hold up better than expected,” Vital Knowledge’s Adam Crisavoli wrote in a morning note.

Rivian Arrow Swings in overnight trading after the electric car maker beats higher and lower earnings estimates But it trimmed its guidance for the full year. Poshmark, Olo and Illumina stocks It traded lower after posting earnings Results.

On the economic front, import price data and consumer confidence are due on Friday.

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