Stock futures were higher Sunday night as Wall Street looks ahead to 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 climbed 0.30% and 0.38%, respectively.
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,” CNBC quoted David Donabedian, chief investment officer of CIBC Private Wealth U.S. saying, adding, “Retail sales is also expected to be flat for the month of August, as it was for the prior month.”
