Stock futures flat after S&P 500 hits new high, despite rising inflation

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Traders astatine the New York Stock Exchange, June 2, 2021.

Source: NYSE

U.S. banal futures were level Thursday nighttime aft the S&P 500 deed a caller precocious during regular trading, contempt hotter-than-expected ostentation data.

Futures tied to the Dow Jones Industrial Average and the S&P 500 were adjacent to level astatine the commencement of the overnight session. Nasdaq futures roseate 0.1%.

During the regular session, the Dow Jones Industrial Average roseate 19 points, oregon 0.06% to 34,466.24. The S&P 500 ended the time up 0.47% astatine 4,239.18. The Nasdaq Composite ended the time up 0.78% astatine 14,020.33.

The Labor Department reported user terms scale information connected Thursday, showing ostentation is rising astatine its fastest gait since 2008 arsenic the system rebounds from the pandemic-related recession.

The CPI represents a handbasket including food, energy, groceries and prices crossed a spectrum of goods, and jumped 5% successful May from a twelvemonth earlier.

Markets shrugged disconnected the news, however.

"A important grade of this ostentation whitethorn beryllium transitory arsenic astir fractional of the above-average spike successful ostentation comes from the basal effects of past year's weakened system and adjacent proviso shortages should beryllium transitory arsenic companies summation productivity and statesman to conscionable pent-up demand," Jason Pride, CIO of backstage wealthiness astatine Glenmede.

Separately, archetypal jobless claims for the week ended June 5 came successful astatine 376,000 — the lowest tally of the Covid pandemic — according to a abstracted Labor Department study released Thursday.