Stock futures traded lower early Thursday morning after the latest CPI data showed inflation is still running hot.
Futures tied to the Dow Jones Industrial Average shed 186 points, or 0.59%. S&P 500 futures and Nasdaq 100 futures declined 0.75% and 1.24%, respectively.
Shares of Bumble and Rivian jumped 10.38% and 5.58%, respectively, in extended trading on upbeat results for the most recent quarter. Meanwhile, Disney shares fell more than 3% after hours despite strong earnings for its most recent quarter. The company said Covid is still weighing on its theme parks in Asia.
In regular trading Wednesday, the Dow fell 326 points, or 1.02%. The S&P 500 slipped 1.65% and the Nasdaq Composite dropped 3.18%.
The moves came as investors assessed the latest inflation data, which showed consumer prices in April jumped 8.3%, which was higher than expected and still running close to their 40-year high of 8.5%. Analysts are mixed on whether the data suggests inflation has hit a peak.