S&P 500 futures add to gains after another encouraging inflation report: Live updates

S&P 500 futures rose Thursday after investors got more economic data indicating inflation pressures are easing.

S&P 500 futures and Nasdaq 100 futures climbed 0.3% and 0.8%, respectively. Dow Jones Industrial Average futures fell 38 points, or 0.1%.

May’s producer price index fell 0.2% from the prior month. Economists polled by Dow Jones expected an increase of 0.1%. That report comes a day after the government said the consumer price index rose less than expected last month.

Thursday’s data also follows a Federal Reserve policy decision. The Fed kept rates unchanged, but noted there has been progress made on the inflation front. That said, the central bank also lowered its rate cut expectations for 2024 to one from three.

“The Fed unsurprisingly left policy unchanged but continues to just about keep the door open to rate cuts this year,” wrote James McCann, deputy chief economist at abrdn. The “downside surprise in CPI inflation was more encouraging, and with most members split between one or two cuts we wouldn’t be surprised to see market pricing continue to flirt with multiple rate cuts this year.”

Broadcom shares surged 14% in the premarket after the chipmaker topped fiscal second-quarter expectations and announced a 10-for-1 stock split. On the other hand, Dave & Buster’s Entertainment shares dropped 10% after the company’s first-quarter revenue missed estimates.

Wall Street is coming off a strong session for the S&P 500 and Nasdaq Composite, with each benchmark hitting all-time highs and closing at records. The broader market index notched a 0.85% advance, while the tech-heavy Nasdaq rallied 1.53%. The 30-stock Dow was the outlier, closing down slightly by 0.09%.