Stock futures were relatively muted this morning after both the Dow Jones Industrial Average and the S&P 500 set fresh records yesterday. Investors were digesting yesterday’s consumer price index report, and anticipating the release of today’s wholesale prices data out today.
The Labor Department will release the latest look at jobless claims this morning. A strong read on this front, coupled with a better-than-expected PPI report, could motivate the Federal Reserve to begin tapering talks sooner than expected.
“I say give [Federal Reserve Chairman] Jay Powell the benefit of the doubt,” said Jim Cramer of CNBC. “He’s been right as rain since the pandemic started. His critics have been dead wrong for ages. Powell’s been adamant that we need to wait and see what happens with the Delta variant before he starts raising rates or even tapering.”