Dow Jones Industrial Average futures rose Thursday, the last day of the month, as Wall Street tried to stretch a late-August winning streak to five sessions. Futures for the Dow gained 155 points, or 0.4%. S&P 500 futures added 0.2% while Nasdaq-100 futures ticked up 0.1%. Traders also digested a Salesforce earnings beat. Shares advanced more than 5% in premarket trading after the software company announced fiscal second-quarter results and third-quarter guidance Wednesday that exceeded analysts’ expectations. Investors are coming off a positive session, with the S&P 500 ending Wednesday 0.4% higher. The Dow Jones Industrial Average added 37.57 points, or 0.11%. Meanwhile, the tech-heavy Nasdaq Composite gained 0.54%. It was the fourth winning day in a row for the three major averages. These gains helped the major indexes trim their monthly losses. The Dow and S&P 500 are each lower by more than 1% in August, while the Nasdaq is off by over 2%. Meanwhile, wholesale inflation increased 0.2% month-over-month in July and 4.2% year-over-year, matching estimates from economists polled by Dow Jones. The personal consumption expenditures data is an inflation gauge closely watched by the Fed. Economists also forecast a year-over-year rise of 4.2% last month, up slightly from a 4.1% increase the previous month. Investors will now turn their attention to non-farm payroll data due out Friday morning. Economists polled by Dow Jones forecast 170,000 additions. Traders are holding onto hope that the report will indicate that the economy is slowing meaningfully, and ultimately give the central bank reason to pause benchmark interest rate hikes. “If we think about the Fed, they’re looking at growth, they’re looking at jobs and inflation. And if all three are going in their direction, meaning in their favor, then you can make a case that the Fed is probably done with tightening,” Hightower’s Stephanie Link said on CNBC’s “Closing Bell” on Wednesday. U.S. Treasury yields fell on Thursday as investors looked to the release of key jobs data which could provide insight into the state of the U.S. economy. At 8:47 a.m. ET, the 10-year Treasury yield was trading near the flatline at 4.11%. The 2-year Treasury yield was down by 1.9 basis points to 4.869%. Asia-Pacific markets were mixed Thursday as China’s factory activity contracted for a fifth straight month in August. Hong Kong’s Hang Seng index slid 0.55% in its final hour of trade, paring earlier gains. Mainland Chinese stocks were also in negative territory, with the CSI 300 index down 0.61% and closing at 3,765.27. Japan’s Nikkei 225 advanced 0.88% and notched a four-day winning streak, closing at 32,619.34 and the Topix was up 0.8% to end at 2,332. The country saw its retail sales jump more than expected in July, climbing 6.8% year on year, compared with the 5.4% rise expected by a Reuters poll. The Australian S&P/ASX 200 extended gains, rising 0.1% and marking four straight days of gains this week. However, South Korea’s Kospi fell 0.19% to 2,556.27 as industrial production slid 8% year-on-year in July, marking its 10th straight month of contraction. The Kosdaq was 0.5% higher and finished at 928.4. Oil prices rose on Thursday, boosted by a large drawdown in U.S. crude inventories and production cuts by OPEC+, but a slowdown in China’s manufacturing activity limited gains. Brent crude futures for rose 70 cents, or 0.8%, to $86.56. U.S. West Texas Intermediate crude futures rose 67 cents, or 0.8%, to $82.30. U.S. government data on Wednesday showed the country’s crude inventories fell by a larger than expected 10.6 million barrels last week, depleted by high exports and refinery runs. Gold firmed near a one-month high on Thursday as the odds of another U.S. interest rate hike were trimmed by data earlier this week pointing to a slowing labor market, while traders keep their eyes peeled for the upcoming inflation reading. Spot gold was up 0.2% at $1,946.60 per ounce, close to its Aug. 2 high of $1,948.79 hit on Wednesday. U.S. gold futures were up 0.1% to $1,973.80.
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