Share futures rose slightly Wednesday night after the latest CPI data showed inflation was still hot.
Futures tied to the Dow Jones Industrial Average added 45 points, or 0.1. Futures on the S&P 500 and Nasdaq 100 also gained 0.1%.
Shares of Bumble and Rivian rose 10% and 7% respectively in extended trading on the back of strong results in the most recent quarter. Disney shares, meanwhile, fell about 2% after hours despite strong earnings for the most recent quarter. The company said Covid is still weighs heavily on its amusement parks in Asia.
In regular trading, the Dow fell 326 points, or 1.02%. The S&P 500 fell 1.65% and the Nasdaq Composite fell 3.18%.
The moves come as investors evaluate Latest inflation data, showed that consumer prices rose 8.3% in April, higher than expected and still near a 40-year high of 8.5%. Analysts are confused as to whether the data shows a peak in inflation.
While the market quickly turned positive at one point in the session, the S&P 500 hit a 52-week low and eventually closed at its lowest level of the year. The S&P 500 is down more than 18 percent from its peak and down more than 17 percent since the start of the year.
Still, Fundstrat’s market bull Tom Lee remains bullish on the stock. If the market finds a foothold, “we’re in a world of double-digit expected returns,” he said.
“This week has been interesting because the stock market plunge has accelerated downwards, so the waterfall is accelerating but things that would normally justify declines like yields or the VIX are not,” Lee told me. CNBC on “Closing: Overtime”. “The bond market was actually pretty steady even with the CPI rising hotly and the VIX actually falling.”
He notes that of the 16 times since 1940, the market has dropped 16% in a 4-month period, which is higher than 6 months later in those 12 events.
SoftBank will report earnings on Thursday morning before the alarm goes off. Confirmed, Poshmark and Toast were on deck after the bell rang.
In economic data, investors will be looking for the latest on jobless claims, which will be released at 8:30 a.m. They also expect new data on the producer price index, which measures prices at the wholesale level.