The U.S. stock market closed at new all-time highs, with the S&P 500 and Nasdaq Composite reaching record levels. However, futures tied to these indexes slipped slightly in after-hours trading, indicating a cautious sentiment among investors. Costco Wholesale saw a 2% increase in its stock price after announcing its first membership rate hike since 2017, while WD-40 Company’s shares surged 12% following a positive fiscal third-quarter report.
The positive momentum in the stock market can be attributed to the S&P 500 closing above 5,600 for the first time and the Nasdaq Composite also reaching a record high. Investors are now eagerly awaiting the release of a key inflation report on Thursday morning, which could influence expectations for a potential rate cut in September. Economists are predicting a slight increase in consumer prices, with the core CPI expected to rise both monthly and annually. PepsiCo, Delta Air Lines, and Conagra are among the companies set to report earnings before the opening bell on Thursday, adding to the market’s anticipation and potential volatility.
