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NYSE
Stock futures were little changed on Friday afternoon S&P 500 notched a new record close.
Futures are linked to Dow Jones Industrial Average down 9 points or 0.02%. S&P 500 futures and Nasdaq-100 futures climed 0.05% and 0.15% respectively.
Wall Street is coming off a mixed session that pushed it Nasdaq Composite and the S&P 500 to a new record as Federal Reserve Chairman Jerome Powell warned that keeping rates rising too long could hurt economic growth. The S&P 500 rose 0.07%, while the Nasdaq added 0.14%. Deposit 30 Dow ticked down 52.82 points, or 0.13%.
“Reducing policy restrictions too late or too little could harm economic activity and jobs,” Powell said, speaking to the Senate Banking Committee as part of his semiannual address to Congress on Tuesday. He continued his testimony Wednesday before the House Financial Services Committee. “Improved data will strengthen our belief that inflation continues to move towards 2%,” Powell added.
Wednesday marked a light day for economic data, with the final wholesale inventory reading for May due ahead of Thursday’s June consumer price index reading. The June producer price index will continue on Friday.
Many see the upcoming CPI print as a key test for the market and the prospect of rate cuts.
“If we get a cooler print on the CPI this week and if we get a cooler print on the PPI, September will be priced as a key,” said Liz Young Thomas, SoFi’s chief investment strategist, on CNBC’s “Closing Bell” on Tuesday, cautioning that at some point, cold data can become very cool.