As the market is still under pressure from the tension between the U.S. and North Korea, September E-mini S&P 500 futures index were trading slightly lower during the pre-market session. The S&P 500 is facing its worst weekly performance since November. However, after the U.S. released its latest consumer inflation data the index rose 4 points or 0.16% to break above the 2440s. Consumer prices rose 0.1% last month, less than the 0.2% forecasted. The core CPI, which excludes volatile food and energy costs, also rose 0.1%. July’s readings didn’t end the four-month string of below-forecasted readings in the core index and the burden remains on the Fed to lift inflation towards its 2% target while remaining cautious about raising interest rates this year.
After logging its worst performance since May, the E-mini S&P 500 futures index saw a technical bounce as the lower than expected numbers were released. Enough momentum was present to send the index towards the 2,444-level breaching the 25-EMA (gray line) on the 1-hour chart, but it is now dipping slightly. In the event the index reaches the 2,447-level which is acting as the first line of resistance, an uptrend could send the index towards the 2460s. In contrast, if the mentioned level was able to hold the index, enough support is seen towards the 2,430s.
The best performers on the index are Seagate Technology PLC which rose 2.28% to trade at 32.27. Incyte Corp added 1.63% to end at 124.11 and Henry Schein Inc. was up 1.36% to reach 169.60.
The worst performers are NVIDIA Corp which fell 5.15% to trade at 156.25. Macerich Co declined 2.45% to end at 56.47 and Kroger Co declined by 1.78% ending at 23.15.