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Increases in Dow Futures and Inflation Concerns

Charlie Brooks

Jul 15, 2022 10:28


Futures for U.S. equities were trading higher on Thursday evening, as key benchmark averages ended the regular session in a mixed way amid stronger-than-expected producer price data and disappointing profit reports from major banking institutions.

Dow Jones Futures increased 0.2 percent by 7:00 p.m. ET (11:00 p.m. GMT), while S&P 500 Futures and Nasdaq 100 Futures both rose 0.3 percent.

In extended trading, Pinterest Inc (NYSE:PINS) shares surged 15.8 percent following a Wall Street Journal article revealed Elliott Management's 9 percent stake.

Prior to the end of the day, investors will focus on June's retail sales, import and export prices, the June industrial production report, and preliminary July consumer sentiment data. Wells Fargo & Company (NYSE:WFC) and Citigroup Inc (NYSE:C) are expected to deliver their quarterly earnings results in the interim.

During Thursday's usual trading day, the Dow Jones Industrial Average fell 142.6 points, or 0.5 percent, to 30,630.2, the S&P 500 fell 11.4 points, or 0.3 percent, to 3,790.4, and the NASDAQ Composite increased just 3.6 points to 11,112.1.

Morgan Stanley (NYSE:MS) declined 0.4% after reporting Q2 EPS of $1.44 vs $1.57 forecasted and sales of $13.13 billion versus $13.39 forecasted.

JPMorgan Chase & Co (NYSE:JPM) fell 3.5 percent after announcing Q2 earnings per share of $2.76 compared to $2.94 forecasted and revenue of $30.72 billion compared to $31.84 forecasted.

In terms of data, producer prices increased by 11,3 percent year-over-year in June as energy prices jumped, adding to concerns of rapid rate hikes after the CPI result surpassed expectations in the previous session.

On the bond markets, the 10-Year United States interest rate was 2.958%.