Stock futures rise despite inflation jump

FAN Editor

U.S. stock futures rose Thursday morning as traders digested a key reading on inflation

Dow Jones Industrial Average futures gained 150 points, or 0.4%, while S&P 500 futures ticked up 0.2% and Nasdaq 100 futures 0.09%, reversing earlier losses.

The consumer price index in May rose 5% year over year, hotter than the 4.7% increase that was anticipated. The reading was above last month’s 4.2% print, according to the Labor Department. Prices jumped 0.6% month over month, quicker than the 0.4% increase that was expected.

In stocks, GameStop Corp. shares were under pressure after the video-game retailer announced plans to sell 5 million shares. 

The stock was also hit by news that the U.S. Securities and Exchange Commission requested documents and information related to the retail-trading frenzy that has caused heightened volatility in so-called meme stocks that also include AMC Entertainment Holdings Inc. 

Elsewhere, United Airlines Holdings Inc. is in talks to buy at least 100 Boeing 737 Max jets, according to reports. The order could also include dozens of Airbus A321neo jets. 

Online pet product retailer Chewy Inc. will report its quarterly results after the closing bell. 

West Texas Intermediate crude oil rose 12 cents to $70.08 a barrel and gold fell $13.60 to $1,881.90 an ounce.

In Europe, Germany’s DAX 30 ticked up 0.06% and France’s CAC 40 lost 0.18% ahead of the European Central Bank’s latest policy decision. Britain’s FTSE 100 was up 0.24%. 

Asian markets ended mixed with Hong Kong’s Hang Seng index slipping 0.01%, Japan’s Nikkei 225 rising 0.34% and China’s Shanghai Composite climbing 0.54%. 

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