Equity futures rose on Thursday after all major averages posted strong gains in the previous session on the back of a better-than-expected July inflation report.
Dow Jones-linked futures added 0.5% or 153 points, while S&P 500 and Nasdaq 100 futures rose 0.3% and 0.2% respectively.
Disney shares jumped more than 8% in premarket trading after the media giant reported stronger-than-expected subscriber numbers for the last quarter, as well as earnings and revenue that beat expectations . Disney also said it would raise prices for Disney+.
Wednesday’s regular trading session saw all major indexes rally, with the Dow Jones Industrial Average jumping 535.10 points, or 1.63%, to close at 33,309.51. The S&P 500 gained 2.13% to 4,210.24 and hit its highest level since early May, while the Nasdaq Composite gained 2.89% to 12,854.80, its highest close since late April. The S&P 500 is now up more than 15% from its mid-June bear market low and is now 12% off its all-time high.
Hopes of inflation peaking fueled the rally after the consumer price index for July came in at 8.5%, slightly fresher than the 8.7% expected by analysts polled by Dow Jones and a slowdown compared to the previous month.
“We’re pulling ourselves together, and I think it’s really because inflation has been such an overhang for investors and for the market,” Lindsey Bell, chief market and money strategist, said Wednesday. Ally Invest at CNBC’s “Closing Bell.”
Earnings season continues Thursday with reports from Rivian, Warby Parker, Poshmark and more. July’s producer price index data is also scheduled for Thursday.