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CPI Data Looms: US Stocks Tread Water
18 Dec
Summary
- US stock futures flatlined ahead of crucial November CPI data.
- Major indices saw declines, with tech facing AI sell-offs.
- Micron Technology shares surged on strong earnings and guidance.
US stock futures traded near a flatline on Wednesday night, with investors adopting a cautious stance ahead of the release of November's consumer price index (CPI) data. This key inflation report is the first major economic indicator since the recent end of a government shutdown.
The regular trading session on Wednesday was marked by significant declines, as the S&P 500 closed down 1.15%, the Dow Jones Industrial Average fell 0.47%, and the Nasdaq Composite saw an 1.8% drop. These movements were largely driven by AI-related sell-offs affecting tech giants and concerns over high capital costs for data centers.
In contrast, Micron Technology shares experienced a substantial surge of over 7% in after-hours trading. This jump followed the company's fiscal first-quarter results, which surpassed Wall Street's revenue and earnings estimates, accompanied by guidance projecting $18.70 billion for the current quarter, significantly exceeding analyst consensus.
