U.S. stocks set to hover near records as investors wait for weekly jobless claims data

U.S. stock futures traded mostly flat on Thursday, with the Dow industrials and S&P 500 set to hover near record highs, as investors watch for another catalyst to move markets higher. Weekly jobless claims and producer price data are ahead.

What’s driving the market? Back-to-back records for the Dow and S&P 500 were fueled by data that showed consumer prices easing somewhat, with the index rising 5.4% from a year ago in July. That number was in line with June and lower than some predictions. Weekly jobless claims and producer prices for July are expected at 8:30 a.m. Eastern Time on Thursday.

“While some traders continue to ride this bullish wave, others have already started to hedge their portfolio against any potential decline, which explains the current rotation from growth stocks to cyclical values,” he said.

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