Global Courant 2023-05-10 04:01:03
Traders work on the floor of the New York Stock Exchange.
NYSE
Stock futures were flat in overnight trading as Wall Street braced for a major inflation report.
Futures linked to the Dow Jones Industrial Average 10 points added while S&P 500 futures And Nasdaq-100 futures lifted slightly higher.
Another busy earnings day followed after hours, with Airbnb And Twilio stand out more than 11% each weak predictions. Manufacturer of electric vehicles Rivian popped 6% on a smaller-than-expected loss.
Big averages ended Tuesday’s regular session lower, with the S&P 500 And Nasdaq composite by 0.46% and 0.63% respectively. The Dow Jones Industrial Average fell 0.17%.
Wall Street has been eyeing the latest updates on the US debt ceiling as fears mount that failure to resolve before the June 1 deadline could lead to default. President Joe Biden held an important meeting with congressional leaders Tuesday after the bell, but comments from leaders on both sides of the aisle suggested little progress had been made.
Investors are bracing for the April consumer price index expected Wednesday, a key inflation gauge that should provide further insight into whether the Federal Reserve’s rate hikes are working to ease sticky prices. Analysts polled by Dow Jones are calling for inflation to rise 0.4% month on month and 5% from a year ago.
“I think what it’s going to tell us is that the path to normalization isn’t linear,” EP Wealth Advisors’ Adam Phillips said in Wednesday’s data release.
Despite visible progress in the inflation battle from the highest levels in recent decades, he expects little change in the figure.
“It’s not going to change our thinking for the Fed,” Phillips said. “The market could react, as they react to anything inflation-related these days, but when you get into it, I don’t think it’s necessarily going to change the Fed’s calculation either.”
Earnings season continues on Wednesday with results of disney, roblox And Robin Hood.
(TagsToTranslate)Breaking News: Markets
