On Tuesday, US equity futures experienced an upward trend as market participants analyzed the latest wholesale inflation data. The futures for the Dow Jones Industrial Average noted a modest gain of 0.1%, while the S&P 500 futures posted a slightly more robust increase of 0.4%. The Nasdaq futures led the charge with a notable rise of 0.6%.
In the commodity markets, oil prices witnessed a downward shift. The front-month global benchmark, North Sea Brent crude, decreased by 0.5%, settling at $81.91 per barrel. Similarly, US West Texas Intermediate crude recorded a decline of 0.4%, trading at $79.80 per barrel. The Producer Price Index (PPI) data, released at 8:30 AM ET, indicated a 0.1% increase in July.
This result fell short of the estimates compiled by Bloomberg, which anticipated a 0.2% increase in order to align with the previous month’s growth rate. Looking at global markets, Japan's Nikkei index closed impressively higher by 3.5%. Meanwhile, Hong Kong's Hang Seng index ended its trading session up by 0.4%, and China's Shanghai Composite Index finished the day 0.3% higher.
In the UK, the FTSE 100 recorded a minor gain of 0.1%, while Germany's DAX index saw an increase of 0.2% during the early afternoon trading session in Europe. In individual equities, shares of Syros Pharmaceuticals ($SYRS) fell dramatically by 62% after the company announced it would cease enrolling new participants in its ongoing phase 2 trial for a treatment candidate targeting acute myeloid leukemia.
Conversely, on a more positive note, CXApp ($CXAI) shares soared by 72% after revealing the company secured a multi-million dollar partnership with Alphabet’s Google Cloud, focusing on advancements in artificial intelligence technology. In the ongoing landscape of equity futures, the US30, S&P 500, ONON, and the mentioned stocks such as $SYRS and $CXAI represent key movements to monitor amid varying market dynamics..