Traders work on the New York Stock Exchange floor on Sept. 9, 2024.
Spencer Platt | Getty Images
U.S. stock futures were little changed on Thursday evening as traders sought to shake off a sluggish September.
S&P 500 futures inched lower by 0.03%. Futures tied to the Dow Jones Industrial Average hovered near the flatline, and Nasdaq 100 futures slipped 0.06%.
During Thursday’s regular trading, investors snapped up shares of big tech names, including Nvidia, lifting the S&P 500 and the Nasdaq Composite for a fourth consecutive day. The broad market index is now down 0.9% in September. The 30-stock Dow advanced about 0.6% on Thursday, bolstered by Salesforce and Microsoft.
Wall Street is now looking ahead toward the Federal Reserve’s policy meeting on Sept. 17-18, where the central bank is largely anticipated to lower interest rates by 25 basis points. Currently, the Fed’s target rate is sitting at 5.25% to 5.5%.
Economic data reflecting a moderation in inflation also seemed to buoy traders’ spirits and support the case for a rate cut. The consumer price index in August came in at 2.5% on annualized basis, the lowest level since February 2021. Wholesale prices, meanwhile, rose 0.2% in August, coming in line with expectations.
“At the end of the day, the U.S. consumer and the economy continue to do well, [and] profits continue to print above expectations,” Dan Greenhaus, Solus Alternative Asset Management chief strategist, said on CNBC’s “Closing Bell” on Thursday.
“And so while we had a meaningful sell-off driven by some of those AI names, for sure, the rebound seems entirely justified, because it doesn’t seem like these issues are broadening out,” he added.
The three major averages are also on track to post weekly gains, with the S&P 500 up 3.5% and the Nasdaq on track for a 5.3% jump. The Dow is up 1.9% week to date.
On the economic front, traders will look toward August’s import prices data on Friday morning. Preliminary consumer sentiment figures for September are also scheduled for release.