S&P, Nasdaq, Dow futures shift upward as market braces for inflation figures
Stock index futures pointed to a slightly higher start to kick off the week on Monday.
Nasdaq 100 futures (NDX:IND) were +0.3%, S&P futures (SPX) were +0.2%, and Dow futures (INDU) were +0.1%.
"The main thing that will light up the skies for markets this week will be US inflation data with April’s PPI (Tuesday) and CPI (Wednesday) the highlights," Deutsche Bank's Jim Reid said. "We’ll see if the higher-than-expected US inflation seen in Q1 extends into Q2 or not."
"Markets will also hear from Powell (tomorrow) and Vice Chair Jefferson (today) as the highlights of a busy Fedspeak calendar that are included in the day-by-day list at the end. The next most important US data release is Retail Sales on Wednesday."
The 10-year Treasury yield (US10Y) was lower by 1 basis point to 4.48% and the 2-year yield (US2Y) fell 2 basis points to 4.85%.
For an even earlier hint on how inflation is shaping up, the New York Fed will release its one-year consumer inflation expectations this morning after the start of trading. But they've been stuck at 3% for all of 2024 so far.
"It is as unreliable as similar surveys, correlating to current food and fuel prices," UBS' Paul Donovan said.