U.S. stock futures advanced today as investors welcomed the Federal Reserve’s go-slow approach to raising interest rates.
Futures for the Dow Jones Industrial Average rose 0.3 percent to 17,883, while those for the S&P 500 index added 0.3 percent to 2,094.75. Futures for the Nasdaq 100 index gained 0.3 percent to 4,467.75.
In a press conference following the end of the Fed's two-day policy meeting yesterday, Fed Chair Janet Yellen said she wanted "more decisive evidence" that labor markets were healing, and that wages would increase beyond their current "subdued pace."
Stocks ended higher yesterday. The Dow added 0.2 percent to 17,935.74 and the S&P 500 rose 0.2 percent to 2,100.44.
DATA:
The consumer-price index rose 0.4 percent in May from a month earlier, the biggest gain since February 2013, the Labor Department said today. Excluding the volatile food and energy categories, core prices increased 0.1 percent. Economists polled by The Wall Street Journal had expected overall prices to increase 0.5 percent and core prices to rise 0.2 percent.
Jobless claims fell 12,000 to 267,000 in the week ended June 13, the Labor Department said today. Economists had expected 276,000 new claims.
MOVERS:
BioMarin Pharmaceutical (NASDAQ:BMRN) climbed 6.4 percent after the Novato, California-based company said its experimental drug for achondroplasia, or dwarfism, helped children in a mid-stage trial.
Oracle (NYSE:ORCL) slid 6 percent in premarket trading after the largest maker of database software posted fiscal fourth-quarter revenue and profit that missed analysts’ estimates.
Southwest Airlines (NYSE:LUV) fell 1.5 percent after Barclays Plc cut its rating on the carrier to underweight, similar to sell, from overweight.
Rite Aid (NYSE:RAD) was down 3.7 percent after the third-largest U.S. drugstore chain operator reported slower-than-expected quarterly same-store sales growth as the introduction of new generic drugs hurt pharmacy sales.
Fitbit (NYSE:FIT) will start trading this morning on the NYSE. Its IPO has been priced at $20 a share, which is already above raised expectations, The Wall Street Journal reported.
OTHER MARKETS:
European stock markets headed lower ahead of a key meeting of eurozone finance ministers, where Greece is high on the agenda.
Asian stock markets closed mostly lower.
COMMODITIES:
Gold futures rose 2 percent to $1200.60 an ounce.
Crude-oil futures gained 0.7 percent to $60.33 a barrel.