Stock futures rise as Wall Street looks ahead to key inflation data

INDONESIAKININEWS.COM -  Stock futures were higher on Monday morning as Wall Street looks ahead to key inflation data to be released this we...

Stock futures were higher on Monday morning as Wall Street looks ahead to key inflation data to be released this week.

Dow Jones Industrial Average futures were up 144 points, or 0.45%. S&P 500 futures were up 0.5% and Nasdaq 100 futures gained 0.55%.

The moves came after a winning week for U.S. stocks, as all three major averages snapped a three-week losing streak. The Dow added 2.66% on the week, while the S&P 500 gained 3.65%. The Nasdaq Composite was 4.14% higher.

Stocks have been volatile ahead of the September meeting of the Federal Reserve, where the central bank is expected to deliver its third consecutive 0.75 percentage point rate hike in an effort to combat high inflation.

Wall Street investors had been looking for signs that the size of future rate hikes might be smaller as inflation cools off, Fed Chair Jerome Powell last week reiterated that he is “strongly committed” to bringing down inflation.

This week, investors are looking ahead to the August consumer price index report, scheduled to be released Tuesday. The report is one of the last pieces of data on inflation the Fed will see ahead of its September meeting. Retail sales and industrial production reports will be released Thursday.

“With the expectation for another 0.3% increase in the core rate for August, if the number is higher this will be a negative for stocks and bonds. If the report is less, it will be a catalyst for a market rally,” David Donabedian, chief investment officer of CIBC Private Wealth U.S. “Retail sales is also expected to be flat for the month of August, as it was for the prior month.”

Euro climbs to 3-week high against the U.S. dollar

The euro jumped to a three-week high against the U.S. dollar early on Monday after hawkish messaging from the European Central Bank on monetary policy tightening.

The common currency was up 1.3% against the greenback shortly after 9 a.m. London time, changing hands for around $1.017.

Sterling also advanced, and was last seen trading up 0.8% against the dollar at $1.168.

European markets rise

European stocks advanced on Monday, following a positive trend set at the end of last week and overnight in Asia-Pacific markets.

The pan-European Stoxx 600 climbed 0.9% in early trade, with retail stocks adding 2.7% to lead gains as almost all sectors and major bourses entered positive territory. Health care stocks fell 0.3%.

European stocks took heart last week from the hawkish tone struck by the European Central Bank on monetary policy. Policymakers opted for a record hike to interest rates as they try to rein in record high inflation in the 19-member euro zone. The momentum for stocks and the euro continued on Monday.

Traders see 90% chance of another 75-basis-point Fed hike in September: FedWatch

The probability of the U.S. Federal Reserve hiking interest rates by another 75 basis points at its September meeting moved to 90%, according to the CME Group’s FedWatch tracker of fed funds futures bets.

That’s up from last week’s 82% probability for a three-quarter point hike.

The chance for a 50-basis-point hike now stands at 10%, FedWatch showed.

CNBC Pro: Sterling has been tanking versus the dollar. Here’s how low it could go, according to the pros

The British pound has slid against the U.S. dollar over the past year, hitting a 37-year low against the greenback last week — and it could weaken even further, according to analysts.

DZ Bank’s Sonja Marten warned that GBP/USD is a currency pair that tends toward large swings, and gave a pretty bearish forecast.

U.S. to broaden curbs on chip and tool exports to China, Reuters report

The U.S. Department of Commerce plans to publish new regulations related to restricting exports of chipmaking equipment to Chinese factories that produce advanced semiconductors, Reuters reported, citing people familiar with the matter.

The rules will be based on letters sent to KLA, Lam Research and Applied Materials earlier this year, when they were informed that government-issued licenses would be needed to sell such equipment to buyers that make chips with sub-14 nanometer processes.

The new regulations would likely include additional actions against China, sources told Reuters, adding they could be changed and published later than expected.

CNBC Pro: Goldman reveals the ‘sweet spot’ for its favorite oil stocks — and gives one 35% upside

As fears over the global energy supply came back into focus last week, Goldman highlighted six oil and gas themes which it said looked attractive into the year end.

The investment bank sees total returns of 15% for large-cap stocks under its oil and gas coverage and names six themes to watch into the year end.

CNBC Pro subscribers can read more here.

Oil prices slip after volatile week

Oil prices were lower Sunday after energy markets whiplashed last week. Prices have been weighed down by rising interest rates and the potential curbed demand due to Covid lockdowns in China.

West Texas Intermediate fell 0.29% to $86.54 a barrel. Brent crude dipped 0.17% to $$92.68 a barrel.

Last week, oil prices rose slightly when Russia’s Vladimir Putin threatened to halt oil and gas exports to Europe if price caps are imposed. In addition, a small cut to OPEC+ oil output plans also supported prices.

Still, oil prices fell on the week.

Stock futures are higher ahead of inflation report Tuesday

Stock futures rose Sunday night as Wall Street looked to continue last week’s rally ahead of a key inflation report set to be released Tuesday.

Dow Jones Industrial Average futures rose 91 points, or 0.29%. S&P 500 and Nasdaq 100 futures climbed 0.32% and 0.41%, respectively.

Source: cnbc


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Stock futures rise as Wall Street looks ahead to key inflation data
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