November 29, 2022

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Stock futures rose slightly ahead of key inflation data, Federal Reserve meeting minutes

Stock futures rose slightly ahead of key inflation data, Federal Reserve meeting minutes

Traders on the floor of the New York Stock Exchange, May 13, 2022.

Brendan McDermid | Reuters

Stock futures rose Tuesday night as investors awaited the latest inflation numbers and the minutes of the Federal Reserve’s latest meeting.

Futures related to the Dow Jones Industrial Average added 44 points, or 0.1%. S&P 500 and Nasdaq 100 futures rose about 0.2%.

The moves came after the S&P 500 and Nasdaq Composite fell 0.65% and 1.1%, respectively, to mark their fifth consecutive day of declines. The Dow ended the day higher, up about 36 points, but gave up most of its gains from the rally earlier in the session.

Stocks retreated from their highs and bond yields rose when the Bank of England announced its market The intervention will soon be over Pension funds have only three days to rebalance positions.

Investors are looking forward to the September Producer Price Index, a measure of wholesale prices for final demand, due to be released by the Bureau of Labor Statistics on Wednesday. Economists polled by Dow Jones expect the headline producer price index to rise 0.2% after declining 0.1% the previous month.

The minutes of the Federal Reserve’s September meeting will also be released on Wednesday. While Federal Reserve Chairman Jerome Powell acknowledged that interest rates are increasing dramatically It can be painfulThe central bank will continue to press ahead with its fight to bring down inflation.

“Powell has reiterated, in what has become his mantra, that without price stability we cannot have a strong economy or a strong labor market,” said Quincy Crosby, chief global strategist at LPL Financial. “Investors are concerned that restrictive monetary policy, that is, tightening of financial conditions, could lead to the kind of financial accident that drains liquidity and further damages the global economy.”

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Elsewhere, PepsiCo will report its quarterly earnings before Wednesday. Bank earnings will start later in the week. Despite the low expectations, S&P 500 earnings are still expected to grow.