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Ted Shavery | Associated Press
Stock index futures were trading near flatline Monday night as Wall Street braced for the release of a key inflation report.
S&P 500 Index Futures fell slightly by 0.06%, while Nasdaq 100 Futures down 0.07%. Dow Jones Industrial Average Futures It fell 17 points, or 0.04%.
30 stocks Dow Chemical At the end of Monday’s regular session, the company posted its first decline in nine sessions, ending its longest one-day winning streak since December.this S&P 500 Index It fell slightly by 0.02%.this Nasdaq Index It outperformed the market, rising about 0.3%.
A report from the Federal Reserve Bank of New York showed that consumer expectations for both short-term and long-term inflation rose in April. The results put pressure on major indexes and weighed on stocks.
Another market catalyst will emerge on Tuesday morning with the release of the first of two key inflation reports. The April producer price index reading will be released at 8:30 a.m. ET. Economists surveyed by Dow Jones expected PPI to rise 0.3% from the previous month. The closely watched consumer price index will be released on Wednesday, with economists expecting it to rise 0.4% in April from the previous quarter and 3.4% from 12 months ago.
Despite Monday’s lackluster market performance, the major stock indexes remain within striking distance of their highs. Investors have been holding out hope since Fed Chairman Jerome Powell said earlier this month that the Fed’s next move was “unlikely” to be a rate hike, even as inflation data surged in recent months.
“It’s not uncommon for Wall Street and the general public to have different views on the economy – different perspectives stem from different concerns. Stock market movements are based on expectations of future economic performance, not necessarily current conditions,” said Chief Investment Officer Brennan Brent Schutte said.
He added: “While these differing views are not unusual, they highlight potential risks for investors betting that rate cuts will precede a recession.”
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