Pre Open US - US Indices 11 Aug 2023

US Indices Slip Slightly, Oil Prices Rise Amidst Demand Outlooks, Bitcoin's Stagnation Raises Investor Concerns

S&P 500 futures experienced a slight 0.1% decline, while Nasdaq 100 futures have seen a 0.2% decrease. The release of the July reading for the producer price index is scheduled for 8:30 a.m. ET. According to economists surveyed by Dow Jones, the report is expected to reveal a 0.2% increase in month-over-month figures. This report follows yesterday's analysis of July's consumer price index, which indicated a 3.2% rise in prices on an annual basis. This was slightly below the anticipated 3.3% consensus estimate. However, the core CPI, excluding volatile food and energy costs, rose by 4.7% compared to the previous year. Looking at the week's performance, the S&P 500 is set for a 0.2% decline, and the Nasdaq for a 1.2% decline. Both indices are headed for their second consecutive week of losses, marking a notable occurrence for the Nasdaq, which hasn't experienced this since the end of a four-week losing streak in December 2022.

Nasdaq continues the selloff and closes near 15,000. If this support level is broken, the subsequent target could be 14,000.