Inventory futures are subdued as September slowly begins
Traders on the floor of the New York Stock Exchange
Source: New York Stock Exchange
US stock futures were little changed early Thursday morning after the S&P 500 closed the first trading session of the month near the flatline.
The Dow Jones Industrial Average futures rose 12 points. The futures on the S&P 500 and Nasdaq 100 were both trading near the flatline.
Shares in ChargePoint, the maker of charging systems for electric vehicles, rose more than 13% in expanded trading after reporting excellent quarterly results. Pet retailer Chewy and youth-focused retailer Five Below were down 10% and 9%, respectively, following the release of their quarterly results.
In the regular trading session, the Dow fell 48.20 points, or 0.1%, to 35,312.53. The S&P 500 ended the day near the flat line, gaining just 1.41 points, or 0.03%, to 4,524.09 points. The Nasdaq Composite rose 0.3% to 15,309.38, a record close.
“The relentless uptrend amid low volatility in US equities continues, and with breadth, volume positioning and sentiment all in our view positive, we expect the rally to extend to new highs,” Credit Suisse said on Wednesday in a message.
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Energy stocks fell during the day as oil and gas prices continued to rise and Hurricane Ida ceased oil production and refining operations. These losses were offset by gains in utility and real estate stocks.
Small-cap stocks made bigger moves, with the Russell 2000 Index gaining 0.6% on Wednesday, up from 2.1% in August. Analysts and investors say the move in small caps is linked to an up move in value stocks.
US companies created fewer jobs than expected in August, according to ADP private payroll data released Wednesday. That did little to move the stock markets, but it did flatten bond yields.
Investors await the weekly report on initial jobless claims on Thursday and the Labor Department’s non-farm payroll report on Friday, which could provide clues as to Fed policy.
Chipmaker Broadcom is expected to publish its quarterly results after Bell Thursday.
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