Traders work on the New York Stock Exchange trading floor during early trading on April 29, 2024 in New York City.
Michael M. Santiago | Michael M. SantiagoGetty Images
Stock futures were little changed as Wall Street braced itself for April’s consumer price index.
Futures and Dow Jones Industrial Average An increase of 22 points, while S&P 500 Index Futures and Nasdaq 100 Futures Hovering around the flat line.
Boot warehouse Shares fell more than 6% on disappointing full-year guidance, while next tracker Revenue was better than expected, rising 11%.
The overnight move follows a bullish session pushing higher Nasdaq Index 0.75%, setting a new closing record.this S&P 500 Index The 0.48% gain left the composite index about 0.1% below its all-time closing high.this Dow Jones Industrial Average up 0.32%.
Investors await key inflation reports on Wednesday for further insight into the status of sticky inflation. Economists surveyed by Dow Jones expected the consumer price index to increase 0.4% monthly, or 0.3% excluding food and energy. Economists expect headline CPI to rise 3.4% year-on-year after rising 3.5% in March.
Stubborn prices have remained a major concern for markets in recent weeks, raising concerns that the Federal Reserve could delay its rate-cutting cycle. The producer price index for April released on Tuesday also confirmed this statement, showing that wholesale prices rose 0.5%, higher than the 0.3% forecast by Dow Jones.
Tom Lee of Fundstrat Global Advisors said signs that inflation is slowing elsewhere, including in housing and auto insurance, could bode well for markets and Fed policy.
“This will be a clear signal to the market that … inflation has now normalized, the economy is in good shape, and interest rates are so constrained that the Fed actually needs to cut rates,” the research director said Tuesday on CNBC’s “Closing Bell.” “That’s actually pretty good for stocks. If it’s a pause, it’s good for stocks. If it’s a rate cut, I think that’s even better.”
Other economic reports released on Wednesday include retail sales data for April, the Empire State Manufacturing Survey for May and a housing market index.
The final stretch of the first-quarter earnings season continues, and here are the results: Cisco Systems After the bell.
About The Author
