Trading on the New York Stock Exchange, June 2, 2021.
US stock futures were flat early Friday morning after the S&P 500 hit a new high during regular trading despite warmer-than-expected inflation data.
Futures tied to the Dow Jones Industrial Average gained 21 points, while the S&P 500 and Nasdaq-1
During the ordinary session, the Dow Jones Industrial Average rose 19 points, or 0.06%, to 34,466.24. The S&P 500 ended the day up 0.47% at 4,239.18. The Nasdaq Composite ended the day up 0.78% at 14,020.33.
The Labor Department reported consumer price index data on Thursday, showing inflation rising at its fastest pace since 2008 as the economy recovers from the pandemic-related recession.
CPI represents a basket of food, energy, groceries and prices across a product spectrum and jumped 5% in May from a year earlier.
Markets, however, pulled the news away.
“A significant level of this inflation may turn out to be temporary, as almost half of the above-average inflation rises from the base effects of last year’s weakened economy, and even supply shortages should prove to be temporary as companies increase productivity and begin to meet the exalted demand, “Jason Pride, head of private prosperity at Glenmede.
Separately, the first jobless claims for the week ending June 5 came in at 376,000 – the lowest part of the Covid pandemic – according to a separate report from the Labor Department published on Thursday.