S&P 500, Dow futures slip with CPI on deck

Published On Sep 11, 2024, 7:11 AM

On Wednesday, US stocks ended higher, reversing early losses as investors analyzed an inflation report showing a decrease in consumer price increases for August. The S&P 500 rose over 1%, and tech stocks performed particularly well, with the Nasdaq up nearly 2.2%. Nvidia's shares soared more than 8% following CEO Jensen Huang's presentation at a Goldman Sachs event. The August consumer price index indicated that while overall inflation has dipped to a three-year low, core inflation, which excludes food and energy prices, rose more than expected. The outlook for the Federal Reserve's upcoming meeting has shifted, with increased sentiment favoring a 25 basis point interest rate cut instead of a larger 50 basis point reduction. GameStop shares fell close to 12% after reporting disappointing revenue and announcing plans to issue new shares. Meanwhile, oil prices rebounded slightly after reaching three-year lows, and some stocks related to Trump’s potential presidential bid witnessed declines after the recent debates.