U.S. stocks are poised to open higher on Monday, ahead of the latest inflation data that could influence how economists think about the Federal Reserve’s future rate cuts.
Both the consumer price index for March and the minutes from the Fed’s March monetary policy meeting come out on Wednesday.
At 6:24 p.m. ET on Sunday, Dow Jones Industrial Average futures gained 84 points, or 0.2%; the S&P 500 futures rose 0.2%; and Nasdaq Composite futures rose 0.1%.
Notable earnings this week include Tilray Brands on Tuesday; Delta Air Lines and Seven & I Holdings on Wednesday; CarMax, Constellation Brands, Fast Retailing Co., and Fastenal on Thursday; and BlackRock, Citigroup, JPMorgan Chase, State Street, and Wells Fargo on Friday.
This week’s notable economic events include Monday’s release of the New York Fed’s Survey of Consumer Expectations for March.
On Tuesday, the National Federation of Independent Business will release the Small Business Optimism Index for March.
On Wednesday, the Bureau of Labor Statistics will report the consumer price index for March, and the Federal Open Market Committee will publish minutes from its mid-March monetary policy meeting.
On Thursday, the BLS will publish the March producer price index; the Labor Department will release initial unemployment benefits claims for the week ended April 6; and the European Central Bank will announce a monetary policy decision, Barrons reported.
Meanwhile, the stock market pulled back last week, highlighted by Thursday’s downside reversal that pushed the uptrend to “under pressure.” But the major indexes rebounded Friday. A few leaders flashed buy signals, but with head fakes continuing as well. Many are near early entries or working on new consolidations.
Investors should be watching closely and could consider some incremental buys, Investor’s Business Daily said, however, it’s still a rangebound market.
Nvidia (NVDA) fell last week but is close to forging a new base. Broadcom (AVGO), Taiwan Semiconductor (TSM) and recent IPO Astera Labs (ALAB) also are working on potential bases, while ARM Holdings (ARM) already has one. Super Micro Computer (SMCI), closely tied to AI chips, also is forging a base.
Super Micro and Nvidia are the top S&P 500 performers in 2024.
Tesla (TSLA) retreated amid weak first-quarter deliveries and other negative headlines. But shares jumped Friday night as Elon Musk said Tesla would unveil a robotaxi on Aug. 8.
Nvidia and ARM stock are on IBD Leaderboard. Nvidia stock and Arm Holdings are on the IBD 50. Nvidia, Broadcom and Super Micro stock are on the IBD Big Cap 20.
