US stock futures steady as Wall St extends record run amid softer inflation

investing.com:

Investing.com-- U.S. stock index futures steadied in evening deals on Thursday after strength in technology shares saw Wall Street extend a recent run of record highs as data showed some cooling in inflation.

Gains in Wall Street were driven largely by optimism over artificial intelligence, and came even as the Federal Reserve warned that it saw fewer chances of interest rate cuts in 2024. 

S&P 500 Futures fell 0.05% to 5,435.75 points, while Nasdaq 100 Futures steadied at 19,606.75 points by 19:17 ET (23:17 GMT). Dow Jones Futures fell 0.1% to 38,646.0 points.

Futures steadied after Wall Street indexes marked a fourth consecutive day of record highs, amid persistent support from technology stocks.

Tech remained heady, extending a rally seen earlier this week that was largely triggered by market major Apple Inc (NASDAQ:AAPL) announcing a major foray into AI. Apple’s announcement lent more fuel to the AI rally, and also saw the stock briefly become the most valuable company on Wall Street. 

Gains in tech saw the S&P 500 rise 0.2% to a record high of 5,433.74 points, while the NASDAQ Composite rose 0.3% to a record high of 17,665.90 points. The economically sensitive Dow Jones Industrial Average continued to underperform, falling 0.2% to 38,647.10 points. 

PPI inflation cools, adds to disinflation narrative

Producer price index data released on Thursday showed factory prices unexpectedly fell in May, adding to optimism that a disinflationary trend was in play. 

The reading came a day after mildly softer consumer price index data, and ramped up hopes that inflation was cooling. 

Still, Wall Street’s pace of intraday gains now appeared to be slowing after a four-day run, especially after the Federal Reserve warned this week