U.S. stock futures point to further optimism on Wall Street after CPI report
U.S. stock futures show Wall Street pushing to fresh highs for the year on Thursday, as traders welcome cooling inflation and attention turns to the corporate earning season.
What’s driving markets Equity bulls continue to be energized by Wednesday’s news that U.S. headline inflation has fallen to its lowest level in more than two years, bolstering the chances that the Federal Reserve is near the end of its campaign of interest rate hikes. “Markets have put in sturdy performance thanks to an encouraging U.S. CPI report that boosted hopes of a soft landing for the U.S. economy…the good news is the disinflation process looks increasingly benign, especially when set against a U.S. economy characterized by low unemployment and solid growth,” said Stephen Innes, managing partner at SPI Asset Management.
Indeed, there is a broad ‘risk on’ tone across global markets. For example, the Hang Seng HSI, +2.60% in Hong Kong, whose currency peg with the U.S. dollar makes it particularly sensitive to Fed policy, rose 2.5% on Wednesday, despite news that Greater China exports fell in June by their most since the start of the COVID pandemic.
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