New York City, USA – As U.S. stock futures displayed little movement on Wednesday night, investors began to notice signs of a potential slowdown in the post-election rally. The Dow Jones Industrial Average futures showed a slight increase of 7 points, while S&P 500 futures remained steady and Nasdaq 100 futures experienced a minor slip of 0.04%.
CNH Industrial shares surged by about 8% in after-hours trading after David Einhorn, of Greenlight Capital, revealed his new position in the agricultural equipment company at CNBC’s Delivering Alpha conference. Following this, the Dow and S&P 500 closed near the flatline during the regular session, with the Dow rising by 0.11% and the S&P 500 gaining 0.02%. The Nasdaq Composite, however, ended the session with a 0.26% decline.
Despite the consumer price index meeting expectations for October, it highlighted the ongoing battle against inflation by the Federal Reserve. Core CPI increased by 0.3% for the third consecutive month, with a 12-month rate of 3.3%. Investors are now contemplating the longevity of the post-election rally post Donald Trump’s election victory, which propelled the major averages to new heights. The Dow achieved a historic close above 44,000 on Monday, while the S&P 500 and Nasdaq Composite reached record highs.
Courtney Garcia, senior wealth advisor at Payne Capital Management, remains optimistic about further market opportunities, citing the influx of sidelined cash waiting for market certainty. Economic indicators for the week include the release of the October producer price index on Thursday and the retail sales report on Friday. Additionally, Fed Chair Jerome Powell is scheduled to speak in Dallas, Texas on Thursday.
Looking ahead, Disney is set to report its earnings before the market opens on Thursday, adding to the mix of events impacting the market. As investors navigate through potential headwinds, the resilience of the market continues to be tested against various economic and political factors.