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Stock market today: US futures gain after inflation cools more than expected

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Jerome Powell steps up for part two of his policy update to Congress, with investors on the alert for more clues to rate-cut prospects.

US stocks were set for gains Thursday after a key report on consumer inflation came in cooler than thought, as consumer prices unexpectedly fell on a month-over-month basis for the first time since 2020. S&P 500 futures rose 0.2%, after the broad index crossed 5,600 for the first time on Wednesday. Dow Jones Industrial Average futures rose roughly 0.1%, while contracts on the tech-heavy Nasdaq 100 also gained around 0.2%. The Consumer Price Index declined 0.

Stock gains have picked up pace this week as Fed Chair Jerome Powell has suggested that conditions are almost right for the Federal Reserve to start making interest-rate cuts. Thursday's inflation look bolstered bets on a cut by September, with around 87% of traders expecting such an outcome, according to the CME FedWatch tool.

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