Traders on the New York Stock Exchange, June 2, 2021.
U.S. equity futures were flat Thursday night after the S&P 500 hit a new high during regular trading, despite warmer-than-expected inflation data.
Futures related to the Dow Jones Industrial Average and S&P 500 were close to stagnation at the start of the overnight session. Futures on the Nasdaq rose 0.1%.
During the regular session, the Dow Jones Industrial Average rose 19 points, or 0.06%, to 34,466.24. The S&P 500 ended the day up 0.47% at 4,239.18. The Nasdaq Composite ended the day up 0.78% to 14,020.33.
The Labor Department released data on the Consumer Price Index on Thursday, showing inflation is at its fastest pace since 2008 as the economy rebounds from the pandemic-related recession.
The CPI represents a basket comprising food, energy, groceries and prices across a range of commodities, and jumped 5% in May from a year earlier.
The markets ignored the news, however.
“Much of this inflation may turn out to be transient as nearly half of the above-average rise in inflation stems from the base effects of last year’s weakened economy and even supply shortages. should prove to be transient as businesses increase productivity and begin to respond to pent-up demand., “Jason Pride, CIO of Private Wealth at Glenmede.
Separately, the first jobless claims for the week ended June 5 stood at 376,000 – the lowest tally in the Covid pandemic – according to a separate Labor Department report released Thursday.