Global Courant 2023-04-11 14:50:21
US stock futures rose on Tuesday as investors look forward to the release of economic data later this week.
Dow Jones Industrial Average futures rose 54 points, or 0.16%. S&P 500 added 0.2% and Nasdaq-100 futures rose 0.3%.
The Dow added 101.23 points or 0.3% during Monday’s session. The S&P 500 was up 0.1%, while it was technically tough Nasdaq composite decreased by 0.03%.
Investors appeared to be gearing up for the March readings of the Consumer Price Index, expected Wednesday, and the Producer Price Index, due Thursday. Both of these inflation metrics could provide more insight into how the Federal Reserve might continue its rate hike campaign.
“The market says peak tightening is behind us, and now the data needs to confirm that this is the direction we are going. And that can’t be determined until those data points come in in real time. But I think the market is waiting for that.” said Keith Buchanan, senior portfolio manager at Globalt Investments.
Furthermore, Wall Street is heading into a new season of earnings announcements, with several major US banks set to publish their earnings reports for the first time since the series of banking crises in March.
“I think this earnings season will be interesting, especially with major financial institutions and how they look at current threats, given (not only) the failures we had last month, but also given credit conditions that were already tighter ahead of time,” added Buchanan. .
“I think it will provide a window into (whether) they would make adjustments in an environment that, at least on the surface, seems a lot less optimistic than where we were three months ago.”
In other economic publications, the National Federation of Independent Business will release the latest results of its small business index before the market opens.
Stay tuned for appearances from some regional Federal Reserve presidents Tuesday: Chicago Fed President Austan Goolsbee, Philadelphia Fed President Patrick Harker and Minneapolis Fed President Neel Kashkari will speak.
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