Pre Open US - US Indices 10 Aug 2023
S&P 500 futures and Nasdaq-100 futures both increased by 0.6% and 0.7% respectively. The latest update on the Consumer Price Index is scheduled to be released at 8:30 a.m. ET. Economists surveyed by Dow Jones anticipate a 0.2% growth in July's CPI compared to the previous month, with a year-over-year increase of 3.3%.
Many individuals on Wall Street are anticipating further indications of disinflation from the CPI report and the producer price index to be released on Friday. Some regional manufacturing figures have also displayed signs of easing, as pointed out by Sahak Manuelian, the head of equity trading at Wedbush Securities.
In addition to the CPI, initial jobless claims and hourly earnings for July will be published on Thursday. On another note, Disney's stock rose by 1.4% after revealing an upcoming price adjustment for ad-free Disney+ subscriptions. The media conglomerate also announced better-than-expected earnings per share for the fiscal third quarter. Conversely, Six Flags saw a decline of 3.5% following a report that was worse than expected.
As of Thursday morning, over 90% of S&P 500 companies have disclosed their earnings for the quarter. Among these, around four-fifths have surpassed Wall Street's expectations, as reported by FactSet.
Nasdaq is forming a double top and currently testing its support level at 15250. If there's a breakout, the price may decline towards 15000, and subsequently 14000.