The stock market was reported to continue its rally on Thursday after all average stock indexes posted sharp gains in the previous session on better-than-expected July inflation report.
The Dow Jones futures market added 0.6% or 217 points, while the S&P 500 and Nasdaq 100 futures each rose 0.6%.
Disney shares jumped more than 8% in premarket trading after the media giant posted stronger-than-expected subscriber numbers for the latest quarter, along with earnings and revenue that beat expectations. Disney also said it would raise prices for Disney+.
Wednesday's trading session saw all major indices rise with the Dow Jones industrial average jumping 535.10 points, or 1.63%. The S&P 500 gained 2.13% to 4,210.24 and hit its highest level since early May, while the Nasdaq Composite rose 2.89% to 12,854.80, its highest close since end of April. The S&P 500 is now up more than 15% from its mid-June lows and now sits 12% from its record high.
Hopes that U.S. inflation peaked at a slower pace finally came true after the consumer price index for July reached 8.5%, slightly slower than the 8.7% reading expected by analysts.
Some analysts believe that the market is in a rising momentum with inflation having become too dependent on investors and the market.
The release of earnings reports continued on Thursday with reports from Rivian, Illumina, Poshmark and more in the spotlight.
