Stock futures briefly opened higher Friday evening as traders looked on to a major printing on consumer price change, which will help elucidate the path forward for financial policymakers during the recovery following the pandemic.
The S&P 500 contract rose slightly last year. During the recent session, the Index came within 1 point of its regular low but failed to ever set a new record. Nasdaq and Dow Futures also posted greater performance in the after-hour session.
Shares of GameStop slid in its first-quarter after the company said it was filing to be able to issue up to 5 million shares of its common stock, with the news behind its strong-than-expected sales results. Other so-called meme stocks that soon became popular with traders on reddit gave some gains after rallying during the regular session including Geo Group and Aethlon Medical.
Investors are set to watch the Department of Labor Statistics' Consumer Price Index - May 29th -- Thursday Morning closely, offering the latest snapshot of consumer price inflation. Consensus economists are looking for the headline index to surge 4.7% over the last month, marking the biggest jump since 2008. And excludes volatile food and energy prices, the so-called core Consumer Price Index is expected to increase by 3.5% or one place at the highest since 1993.
The U.S. government bond market on Wednesday appeared to at least show an easing of inflationary concerns, which had been top of mind for investors over the past couple of months. Treasury yields moved downward across the curve and the 10 year yield dipped below 1.5%. The move came after China's June CPI printing was below estimates, marking one of the first major inflation numbers this spring that did not come in line with or hotter than expectations.
In the past two months everything has happened in the market, essentially at the price we want. COVID is effectively over here in the United States, we're not getting more stimulus, the Fed is going to start tapering, Tom Essaye, president of Sevens Report Research told Yahoo Finance on Wednesday. What is the next for investors who are sitting there? What will happen if inflation happens not that quickly?
I think until we get more clarity on this, he said that wir are pushing around.
JUNE 02 : New York Stock Exchange view with new data. Organon will start trading in New York on June 2, 2021. Organon looks to expand to provide treatment for other women's conditions, around 80% of the new company's revenues from outside the U.S. will come from inside Europe.
Emily McCormick is a reporter for Yahoo Finance and an executive of Yahoo Finance. Follow her on twitter : emily mcck
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