US stocks were set for gains Thursday after a key report on consumer inflation came in cooler than thought, as consumer prices unexpectedly fell on a month-over-month basis for the first time since 2020.
S&P 500 futures (ES=F) rose 0.2%, after the broad index crossed 5,600 for the first time on Wednesday. Dow Jones Industrial Average futures (YM=F) rose roughly 0.1%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) also gained around 0.2%.
The Consumer Price Index (CPI) declined 0.1% over the previous month and increased just 3.0% over the prior year in June. The annual gain was the slowest rise in consumer prices since early 2021.
Stock gains have picked up pace this week as Fed Chair Jerome Powell has suggested that conditions are almost right for the Federal Reserve to start making interest-rate cuts. Thursday’s inflation look bolstered bets on a cut by September, with around 87%…
