Stock market today: Live updates

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Stock market today: Live updates

Traders work on the floor of the NYSE. 

NYSE

Stock futures traded near the flatline Thursday night as Wall Street awaits a key inflation reading.

Futures tied to the Dow Jones Industrial Average were little changed, as were S&P 500 futures. Nasdaq 100 futures ticked higher by less than 0.1%.

In after-hours action, Costco Wholesale slipped 1% after posting a revenue miss. In the fiscal fourth quarter, the warehouse retailer reported earnings of $5.29 per share on $79.70 billion in fourth-quarter revenue. Analysts polled by LSEG expected earnings of $5.08 per share on $79.97 billion in revenue.

Thursday’s trading session ended on a strong note, with the three major averages posting gains and the S&P 500 closing at a fresh record for the third time this week. The Nasdaq Composite also notched four straight winning days.

A batch of economic data issued on Thursday assured investors of the strength of the U.S. economy. Initial jobless claims had fallen more than expected, indicating a strong labor market, while the final reading of second-quarter ****** domestic product came in at a 3% annualized rate. 

“Markets are pleased that the Fed is taking meaningful steps to recalibrate policy,” LPL Financial chief economist Jeffrey ****** said.

Traders are awaiting the release of August’s personal consumption expenditures price index, due on Friday morning. The so-called PCE is the Federal Reserve’s preferred inflation metric, and policymakers and Wall Street alike are hoping for figures that show a cooling trend. Economists expect that headline PCE rose at a 2.3% annualized pace, and that it gained 0.1% from the prior month.

The three major indexes are higher for the week, with the S&P 500 up nearly 0.8% and the 30-stock Dow Jones Industrial Average on pace to rise 0.3%. The Nasdaq Composite is on track for a roughly 1.4% week-to-date advance.

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