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Stock futures flat after S&P 500 hits new high, despite rising inflation, Most of meme stocks rally

Tiger Newspress2021-06-11

(June 11) U.S. stock futures were flat early Friday morning after theS&P 500hit a new high during regular trading, despite hotter-than-expected inflation data.

Futures tied to the Dow Jones Industrial Average gained 21 points while S&P 500 and Nasdaq-100 futures were close to flat.

During the regular 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 isrising at its fastest pace since 2008as the economy rebounds from the pandemic-related recession.

The CPI represents a basket including food, energy, groceries and prices across a spectrum of goods, and jumped 5% in May from a year earlier.

Markets shrugged off the news, however.

"A significant degree of this inflation may prove transitory as nearly half of the above-average spike in inflation comes from the base effects of last year's weakened economy and even supply shortages should prove transitory as companies increase productivity and begin to meet pent-up demand," Jason Pride, CIO of private wealth at Glenmede.

Separately, initial jobless claims for the week ended June 5 came in at 376,000 — the lowest tally of the Covid pandemic — according to a separate Labor Department report released Thursday.

Most of meme stocks rally in premarket trading Friday. Some Blockchain stocks rally.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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