US stock futures steady after post-CPI rally; More inflation cues on tap
Investing.com-- U.S. stock index futures steadied in late-Tuesday trade after Wall Street indexes surged despite a stronger-than-expected reading on consumer inflation, with upcoming factory inflation and retail sales readings presenting more tests.
S&P 500 Futures steadied at 5,242.75 points, while Nasdaq 100 Futures hovered around 18,480.75 points by 19:47 ET (23:47 GMT). Dow Jones Futures steadied at 39,472.00 points.
Gains in technology stocks were the biggest boost to Wall Street, following optimistic comments on artificial intelligence from cloud giant Oracle Corporation (NYSE:ORCL). The firm clocked better-than-expected quarterly earnings, and said it was set to make a joint announcement with AI darling NVIDIA Corporation (NASDAQ:NVDA), whose shares also rose sharply on Tuesday.
The S&P 500 finished at a record-high 5,175.27 points on Tuesday, buoyed chiefly by technology stocks as hype over artificial intelligence largely offset a stronger-than-expected consumer price index reading.
Tech strength was particularly apparent in the NASDAQ Composite closing up 1.5% at 16,265.64 points, while the Dow Jones Industrial Average rose 0.6% to 39,005.49 points. The Dow was held back chiefly by losses in Boeing Co (NYSE:BA), which slid over 4% amid new issues with the company's aircraft.
Gains in Oracle and Nvidia spilled over into other AI-sensitive stocks, with Microsoft Corporation (NASDAQ:MSFT) surging 2.7%, while Alphabet (NASDAQ:GOOGL) added 0.6%. Meta Platforms Inc (NASDAQ:META) jumped 3.3%, recovering sharply from a steep decline on Monday.
Stronger-than-expected CPI data did little to deter bets that the Federal Reserve will begin cutting interest rates by June, although the dollar and Treasury yields saw mild
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