Stock futures fell Thursday morning as Wall Street anticipated a key inflation report. Futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq-100 all declined by 0.2%. Economists are expecting the release of the March producer price index to show a 0.3% increase in wholesale prices.
The previous day, Wall Street experienced a rough session as the March consumer price index reading sparked concerns about the Federal Reserve’s rate cuts. The report revealing a 0.4% increase in consumer prices led Goldman Sachs’ chief economist to revise the firm’s rate cut forecast. Despite optimism about balancing the labor market and reducing inflation over time, adjustments to the Fed’s timing are now more closely tied to monthly inflation data.
The downward trend continued in the market, with the Dow Jones Industrial Average losing 1.1%, the S&P 500 dropping 0.95%, and the Nasdaq Composite sinking 0.84%. The earnings season also kicked off with reports from companies like CarMax, Fastenal, and Constellation Brands. The official start of the period will begin with big bank earnings from JPMorgan, Wells Fargo, and Citigroup on Friday.