US Stock Futures Surge Post CPI Report

US stock futures saw a significant surge on Thursday following a CPI report that came in weaker than expected, increasing expectations of a Federal Reserve rate cut in September. Annual inflation in the US dropped to 3% in June, marking its lowest level in a year, below the anticipated 3.1%. The monthly CPI showed a slight decrease of 0.1%, contrary to the predicted 0.1% increase. Annual core inflation also fell to 3.3%, its lowest since April 2021. Costco Wholesale saw a rise of over 2% in premarket trading after announcing an increase in its membership fee, while WD-40 Company soared approximately 12% on strong quarterly results. Leading the gains were megacaps like Nvidia (up 1.6%), Amazon (up 0.4%), and Meta (up 0.4%), with Microsoft and Apple holding steady.

The Nasdaq, continuing its upward trend, faces its initial resistance at 21,200. Above this level, subsequent resistances to monitor are 21,400 and 21,600. On the downside, the first support is at 20,750. Below this level, subsequent supports to watch are 20,600 and 20,200.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
21,600	21,400	21,200	20,750	20,600	20,200