Inflation Report Sparks Market Uncertainty Ahead of Key Earnings Announcements

New York City, NY – Stock futures showed little movement on Wednesday night, with both the S&P 500 and Nasdaq Composite closing at new all-time highs. Futures tied to the broad market index slipped slightly, while Nasdaq 100 futures experienced a similar decrease. Additionally, Dow Jones Industrial Average futures saw a minor loss.

In after-hours trading, Costco Wholesale shares rose by 2% following the announcement of their first membership rate increase since 2017. WD-40 Company also experienced a significant increase, climbing 12% after reporting a 9% rise in total net sales for the fiscal third quarter.

During the day, the S&P 500 surpassed 5,600 for the first time, gaining 1.02%. Similarly, the Nasdaq Composite achieved a record close with a 1.18% increase. The Dow Jones Industrial Average climbed by 429.39 points, marking a 1.09% increase.

These market movements preceded the upcoming release of a key inflation report on Thursday morning, indicating the potential for a rate cut in September. Economists are anticipating a 0.1% month-over-month increase and a 3.1% year-over-year rise in the consumer price index for June. The core CPI is also predicted to show a 0.2% monthly increase and a 3.4% yearly rise, excluding food and energy prices.

Analysts are closely watching for any surprises in the inflation report, as it could impact market performance. Companies such as PepsiCo, Delta Air Lines, and Conagra are scheduled to release their earnings on Thursday before the market opens.