Stock futures are little changed as traders brace for August consumer inflation report

Published On Sep 10, 2024, 6:02 PM

On September 11, 2024, the stock market saw a recovery after a volatile trading day, largely influenced by U.S. inflation data. The S&P 500 rose by 1.07%, closing at 5,554.13, while the Nasdaq Composite surged 2.17% to finish at 17,395.53. The gains were driven by strong performances in technology and semiconductor stocks, notably Nvidia and AMD. Despite concerns over slightly higher-than-expected core inflation figures, which dampened expectations for significant interest rate cuts by the Federal Reserve, investors reacted positively with a notable rebound in tech shares. Additionally, uranium stocks rallied due to news of potential export limitations by Russia, with companies like Cameco and Uranium Energy Corp experiencing significant gains.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Positive

The ongoing performance of major tech stocks, particularly in the semiconductor sector, suggests bullish trends could continue as the market adapts to recent inflation data. The reported gains for Nvidia and AMD signal strong demand in the tech sector, particularly as new product releases loom.

CCJView CCJ chart on TradingView

Positive

Given the rising prices in uranium stocks following geopolitical developments, this sector shows potential for further growth. If Russia curtailing supplies becomes a reality, it may drive prices higher, benefiting identified stocks such as Cameco and the Global X Uranium ETF.

WOOFView WOOF chart on TradingView

Positive

Petco's substantial one-day gain suggests a strong market reaction to its earnings report, despite mixed results. This indicates that the market may view it as an attractive opportunity, especially for growth over the coming months as consumers continue to invest in pet-related products.

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