U.S. Stock Futures Dip Ahead of Presidential Debate and Key Inflation Data
U.S. stock futures edged down on Thursday as investors exercised caution ahead of the highly-anticipated presidential debate and key inflation data crucial to Federal Reserve policymakers.
Market Recap
- S&P 500: +0.2%
- Nasdaq Composite: +0.5%
- Dow Jones Industrial Average: +0.04%
Key Events to Watch
- Presidential Debate: President Joe Biden and challenger Donald Trump face off on CNN, marking the start of serious campaigning for the November election.
- Inflation Data: The personal consumption expenditures price index, the Fed’s preferred inflation metric, is due Friday and may influence expectations for potential interest rate cuts.
Market Movers
Micron Technology (MU): Shares dropped post-market as Q4 revenue outlook met but did not exceed high investor expectations. This led to declines in Nvidia (NVDA), AMD (AMD), and Intel (INTC).
Levi Strauss (LEVI): Shares fell 12% after Q2 revenue slightly missed estimates, though the company maintained its annual outlook and announced an 8% dividend increase.
Presidential Debate Focus
The debate, set for Thursday, will likely spotlight the age and fitness of both candidates, with Biden (81) and Trump (78) seeking to reassure undecided voters of their capability to lead.
Crude Oil Prices
Crude futures inched down due to a surprise build in U.S. stockpiles, raising concerns about slow demand.
- WTI: -0.1% to $80.82 per barrel
- Brent: -0.1% to $84.43 per barrel
The U.S. Energy Information Administration reported a 3.6 million barrel jump in crude stocks, contrary to expectations for a drawdown.
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