Traders work on the floor of the New York Stock Exchange (NYSE) in New York, United States, September 9, 2022.
Brendan Mcdermid | Reuters
Stock futures were higher on Sunday evening as Wall Street eagerly awaits key inflation data to be released this week.
Dow Jones Industrial Average futures rose 77 points, or 0.24%. S&P 500 and Nasdaq 100 futures rose 0.30% and 0.38%, respectively.
The moves came after a winning week for US equities as all three major averages snapped a three-week losing streak. The Dow Jones gained 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 Federal Reserve’s September meeting, where the central bank is expected to make its third straight hike of 0.75 percentage points in a bid to tackle high inflation.
Wall Street investors have been looking for signs that the magnitude of future rate hikes may be smaller as inflation cools, Fed Chairman Jerome Powell reiterated last week that he was ” determined” to bring inflation down.
This week, investors are eagerly awaiting the August Consumer Price Index report, which is expected to be released on Tuesday. The report is one of the last inflation data the Fed will see before its September meeting. Retail sales and industrial production reports will be released on Thursday.
“With the expectation of another 0.3% increase in the base rate for August, if the number is higher, it will be negative for equities and bonds. If the ratio is lower, it will be a catalyst for a market rally,” David Donabedian, Chief Investment Officer of CIBC Private Wealth US “Retail sales are also expected to be flat for August, as they were for the prior month.”